Tectonic Therapeutic (NASDAQ:TECX) Price Target Raised to $85.00 at Mizuho

Tectonic Therapeutic (NASDAQ:TECX) had its price target hoisted by Mizuho from $51.00 to $85.00 in a research note issued to investors on Thursday morning,Benzinga reports. Mizuho currently has an outperform rating on the stock.

Separately, Wells Fargo & Company cut their price target on shares of Tectonic Therapeutic from $112.00 to $101.00 and set an “overweight” rating on the stock in a report on Friday, March 21st. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $79.20.

Tectonic Therapeutic Price Performance

Shares of TECX stock opened at $20.69 on Thursday. The company has a market cap of $386.34 million, a P/E ratio of -3.51 and a beta of 3.44. Tectonic Therapeutic has a one year low of $13.70 and a one year high of $61.07. The firm has a 50-day moving average of $19.49 and a 200-day moving average of $33.80.

Tectonic Therapeutic (NASDAQ:TECX) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.93) earnings per share for the quarter, topping the consensus estimate of ($1.10) by $0.17. As a group, research analysts expect that Tectonic Therapeutic will post -8.31 earnings per share for the current fiscal year.

Insider Buying and Selling at Tectonic Therapeutic

In other Tectonic Therapeutic news, Director Timothy A. Springer acquired 87,500 shares of Tectonic Therapeutic stock in a transaction that occurred on Monday, April 7th. The stock was acquired at an average cost of $17.10 per share, for a total transaction of $1,496,250.00. Following the purchase, the director now owns 4,313,558 shares of the company’s stock, valued at approximately $73,761,841.80. This represents a 2.07% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have acquired a total of 100,696 shares of company stock valued at $1,705,714 over the last three months. 38.00% of the stock is currently owned by insiders.

Institutional Trading of Tectonic Therapeutic

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Walleye Capital LLC boosted its stake in Tectonic Therapeutic by 0.8% in the 4th quarter. Walleye Capital LLC now owns 73,517 shares of the company’s stock worth $3,394,000 after purchasing an additional 555 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Tectonic Therapeutic by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 77,584 shares of the company’s stock worth $3,584,000 after buying an additional 705 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Tectonic Therapeutic by 5,554.5% in the fourth quarter. JPMorgan Chase & Co. now owns 1,244 shares of the company’s stock valued at $57,000 after acquiring an additional 1,222 shares during the period. Virtus ETF Advisers LLC purchased a new position in Tectonic Therapeutic during the fourth quarter valued at approximately $71,000. Finally, Schonfeld Strategic Advisors LLC grew its stake in Tectonic Therapeutic by 15.6% during the fourth quarter. Schonfeld Strategic Advisors LLC now owns 17,345 shares of the company’s stock valued at $801,000 after acquiring an additional 2,345 shares in the last quarter. 62.63% of the stock is currently owned by institutional investors.

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.