Tectonic Therapeutic (NASDAQ:TECX) Director Purchases $1,496,250.00 in Stock

Tectonic Therapeutic (NASDAQ:TECX) Director Timothy A. Springer bought 87,500 shares of the business’s stock in a transaction on Monday, April 7th. The stock was bought at an average price of $17.10 per share, with a total value of $1,496,250.00. Following the purchase, the director now owns 4,313,558 shares in the company, valued at $73,761,841.80. This trade represents a 2.07 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Tectonic Therapeutic Stock Performance

TECX traded up $2.17 during trading on Wednesday, reaching $16.84. The stock had a trading volume of 426,936 shares, compared to its average volume of 171,315. The business has a 50-day moving average of $27.32 and a 200-day moving average of $36.39. Tectonic Therapeutic has a one year low of $13.67 and a one year high of $61.07. The stock has a market cap of $314.28 million, a PE ratio of -2.86 and a beta of 2.87.

Tectonic Therapeutic (NASDAQ:TECX) last announced its quarterly earnings data on Thursday, March 20th. The company reported ($0.84) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.39) by $0.55. Equities research analysts forecast that Tectonic Therapeutic will post -8.31 EPS for the current fiscal year.

Institutional Trading of Tectonic Therapeutic

Institutional investors have recently made changes to their positions in the stock. Farallon Capital Management LLC increased its holdings in Tectonic Therapeutic by 37.0% during the 4th quarter. Farallon Capital Management LLC now owns 713,050 shares of the company’s stock valued at $32,922,000 after purchasing an additional 192,653 shares during the period. Paradigm Biocapital Advisors LP bought a new position in shares of Tectonic Therapeutic during the fourth quarter valued at approximately $22,397,000. Balyasny Asset Management L.P. boosted its holdings in Tectonic Therapeutic by 36.9% in the fourth quarter. Balyasny Asset Management L.P. now owns 247,000 shares of the company’s stock valued at $11,404,000 after acquiring an additional 66,527 shares in the last quarter. Susquehanna International Group LLP increased its position in Tectonic Therapeutic by 165.2% during the 4th quarter. Susquehanna International Group LLP now owns 166,452 shares of the company’s stock valued at $7,685,000 after purchasing an additional 103,698 shares during the period. Finally, Woodline Partners LP raised its holdings in Tectonic Therapeutic by 98.8% in the 4th quarter. Woodline Partners LP now owns 130,109 shares of the company’s stock worth $6,007,000 after purchasing an additional 64,661 shares in the last quarter. Hedge funds and other institutional investors own 62.63% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Wells Fargo & Company decreased their target price on Tectonic Therapeutic from $112.00 to $101.00 and set an “overweight” rating on the stock in a research note on Friday, March 21st. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $77.75.

Tectonic Therapeutic Company Profile

Tectonic Therapeutic, Inc engages in discovery and development of therapeutic proteins & antibodies. The company was founded by Timothy A. Springer and Andrew Kruse in 2019 and is headquartered in Watertown, MA.