Tectonic Therapeutic (NASDAQ:TECX) Trading 5.6% Higher – Should You Buy?

Tectonic Therapeutic, Inc. (NASDAQ:TECX)’s share price traded up 5.6% during mid-day trading on Tuesday . The stock traded as high as $35.84 and last traded at $35.7450. 61,279 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 266,883 shares. The stock had previously closed at $33.85.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on TECX. Raymond James Financial raised shares of Tectonic Therapeutic from an “outperform” rating to a “strong-buy” rating and raised their target price for the stock from $76.00 to $81.00 in a research report on Tuesday, May 26th. Zacks Research cut Tectonic Therapeutic from a “hold” rating to a “strong sell” rating in a report on Monday, July 20th. Weiss Ratings restated a “sell (d-)” rating on shares of Tectonic Therapeutic in a research note on Friday, July 17th. Wells Fargo & Company dropped their target price on shares of Tectonic Therapeutic from $101.00 to $93.00 and set an “overweight” rating on the stock in a report on Friday, August 7th. Finally, Wall Street Zen raised shares of Tectonic Therapeutic from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 8th. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $77.80.

Tectonic Therapeutic Price Performance

The stock’s 50-day moving average is $31.88 and its 200 day moving average is $29.18. The company has a market cap of $705.77 million, a PE ratio of -7.82 and a beta of 3.28.

Tectonic Therapeutic (NASDAQ:TECX) last released its quarterly earnings results on Thursday, August 6th. The company reported ($1.18) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.35) by $0.17. On average, analysts expect that Tectonic Therapeutic, Inc. will post -5.25 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. acquired a new stake in Tectonic Therapeutic in the second quarter worth about $29,652,000. Baker BROS. Advisors LP boosted its stake in Tectonic Therapeutic by 803.4% in the 4th quarter. Baker BROS. Advisors LP now owns 903,400 shares of the company’s stock worth $18,845,000 after purchasing an additional 803,400 shares in the last quarter. First Light Asset Management LLC acquired a new stake in Tectonic Therapeutic in the 1st quarter worth approximately $20,022,000. 5AM Venture Management LLC purchased a new stake in Tectonic Therapeutic during the 2nd quarter worth approximately $20,853,938,000. Finally, Orbimed Advisors LLC acquired a new position in Tectonic Therapeutic during the 4th quarter valued at approximately $11,986,000. 62.63% of the stock is owned by institutional investors and hedge funds.

About Tectonic Therapeutic

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.