Orbimed Advisors LLC Sells 348,000 Shares of Tectonic Therapeutic, Inc. $TECX

Orbimed Advisors LLC trimmed its holdings in shares of Tectonic Therapeutic, Inc. (NASDAQ:TECX) by 60.6% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 226,600 shares of the company’s stock after selling 348,000 shares during the period. Orbimed Advisors LLC’s holdings in Tectonic Therapeutic were worth $7,004,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Sei Investments Co. raised its holdings in Tectonic Therapeutic by 141.8% during the first quarter. Sei Investments Co. now owns 36,870 shares of the company’s stock valued at $1,140,000 after buying an additional 21,619 shares in the last quarter. AlphaCentric Advisors LLC boosted its stake in shares of Tectonic Therapeutic by 5.8% during the 1st quarter. AlphaCentric Advisors LLC now owns 6,849 shares of the company’s stock worth $212,000 after acquiring an additional 373 shares in the last quarter. Vestal Point Capital LP bought a new stake in shares of Tectonic Therapeutic during the 4th quarter worth about $6,842,000. Virtus Investment Advisers LLC increased its holdings in shares of Tectonic Therapeutic by 165.5% during the 4th quarter. Virtus Investment Advisers LLC now owns 13,462 shares of the company’s stock valued at $281,000 after acquiring an additional 8,391 shares during the last quarter. Finally, Opaleye Management Inc. acquired a new position in shares of Tectonic Therapeutic during the 4th quarter valued at about $4,480,000. 62.63% of the stock is currently owned by institutional investors.

Insider Transactions at Tectonic Therapeutic

In other Tectonic Therapeutic news, insider Marcella K. Ruddy sold 1,065 shares of the firm’s stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $30.00, for a total value of $31,950.00. Following the sale, the insider owned 67,682 shares of the company’s stock, valued at $2,030,460. This trade represents a 1.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 39.80% of the stock is owned by company insiders.

Tectonic Therapeutic Price Performance

TECX stock opened at $30.37 on Monday. The stock has a market capitalization of $573.08 million, a price-to-earnings ratio of -6.81 and a beta of 3.21. The company has a 50-day moving average of $31.21 and a two-hundred day moving average of $27.91. Tectonic Therapeutic, Inc. has a 52-week low of $14.39 and a 52-week high of $39.53.

Tectonic Therapeutic (NASDAQ:TECX) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($1.34) EPS for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.18). Equities analysts expect that Tectonic Therapeutic, Inc. will post -5.46 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on TECX shares. Stifel Nicolaus assumed coverage on Tectonic Therapeutic in a research note on Monday, April 13th. They issued a “buy” rating and a $75.00 price objective on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Tectonic Therapeutic in a research report on Friday, July 17th. Zacks Research downgraded Tectonic Therapeutic from a “hold” rating to a “strong sell” rating in a report on Monday, July 20th. Wall Street Zen lowered shares of Tectonic Therapeutic from a “sell” rating to a “strong sell” rating in a research report on Saturday, April 18th. Finally, Raymond James Financial upgraded shares of Tectonic Therapeutic from an “outperform” rating to a “strong-buy” rating and boosted their price objective for the stock from $76.00 to $81.00 in a research note on Tuesday, May 26th. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and two have issued a Sell rating to the stock. According to MarketBeat, Tectonic Therapeutic presently has a consensus rating of “Moderate Buy” and a consensus price target of $79.40.

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.