Tectonic Therapeutic (NASDAQ:TECX) Shares Up 5.4% – What’s Next?

Shares of Tectonic Therapeutic, Inc. (NASDAQ:TECX) shot up 5.4% during mid-day trading on Tuesday . The company traded as high as $31.50 and last traded at $31.57. 134,056 shares were traded during trading, a decline of 50% from the average daily volume of 267,838 shares. The stock had previously closed at $29.94.

Wall Street Analyst Weigh In

Several research firms have recently commented on TECX. Oppenheimer reissued an “outperform” rating on shares of Tectonic Therapeutic in a report on Tuesday. Wells Fargo & Company cut their price objective on Tectonic Therapeutic from $101.00 to $93.00 and set an “overweight” rating for the company in a research report on Friday, August 7th. Zacks Research raised Tectonic Therapeutic from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 18th. Raymond James Financial raised shares of Tectonic Therapeutic from an “outperform” rating to a “strong-buy” rating and upped their price target for the stock from $76.00 to $81.00 in a research note on Tuesday, May 26th. Finally, Wall Street Zen upgraded shares of Tectonic Therapeutic from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Tectonic Therapeutic currently has a consensus rating of “Moderate Buy” and an average target price of $77.80.

Tectonic Therapeutic Stock Up 5.3%

The company has a market cap of $616.22 million, a price-to-earnings ratio of -6.90 and a beta of 3.28. The company has a fifty day simple moving average of $33.15 and a two-hundred day simple moving average of $30.14.

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

Hedge Funds Weigh In On Tectonic Therapeutic

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Legal & General Group Plc purchased a new stake in shares of Tectonic Therapeutic in the second quarter valued at about $34,000. Caitong International Asset Management Co. Ltd increased its stake in shares of Tectonic Therapeutic by 451.6% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,966 shares of the company’s stock worth $62,000 after purchasing an additional 3,247 shares in the last quarter. Quantbot Technologies LP purchased a new position in shares of Tectonic Therapeutic during the 2nd quarter worth approximately $63,000. New York State Common Retirement Fund acquired a new position in shares of Tectonic Therapeutic during the 2nd quarter worth approximately $99,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in shares of Tectonic Therapeutic during the 2nd quarter worth approximately $119,000. Institutional investors and hedge funds own 62.63% of the company’s stock.

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.