Tectonic Therapeutic (NASDAQ:TECX) Stock Moved Down to “Strong Sell” by Wall Street Zen

Wall Street Zen downgraded shares of Tectonic Therapeutic (NASDAQ:TECX) from a sell rating to a strong sell rating in a research report sent to investors on Sunday,Wall Street Zen reports.

Other analysts have also issued research reports about the stock. UBS Group assumed coverage on shares of Tectonic Therapeutic in a report on Sunday, October 11th. They set a “neutral” rating and a $26.00 target price on the stock. TD Cowen reiterated a “buy” rating on shares of Tectonic Therapeutic in a research note on Wednesday, September 30th. Oppenheimer reissued an “outperform” rating and issued a $80.00 price target on shares of Tectonic Therapeutic in a report on Wednesday, September 30th. Zacks Research raised shares of Tectonic Therapeutic from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 18th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Tectonic Therapeutic in a research report on Thursday. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Tectonic Therapeutic presently has an average rating of “Moderate Buy” and a consensus target price of $69.17.

Tectonic Therapeutic Price Performance

TECX stock opened at $20.65 on Friday. The stock has a 50-day simple moving average of $28.76 and a two-hundred day simple moving average of $29.74. Tectonic Therapeutic has a twelve month low of $15.52 and a twelve month high of $39.53. The firm has a market capitalization of $403.71 million, a PE ratio of -4.52 and a beta of 3.28.

Tectonic Therapeutic (NASDAQ:TECX) last announced its quarterly earnings results on Thursday, August 6th. The company reported ($1.18) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.35) by $0.17. On average, equities research analysts anticipate that Tectonic Therapeutic will post -5.27 EPS for the current fiscal year.

Hedge Funds Weigh In On Tectonic Therapeutic

A number of hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. purchased a new stake in Tectonic Therapeutic in the second quarter worth approximately $29,652,000. First Light Asset Management LLC bought a new position in Tectonic Therapeutic during the first quarter valued at approximately $20,022,000. 5AM Venture Management LLC bought a new position in Tectonic Therapeutic during the second quarter valued at approximately $20,853,938. Connor Clark & Lunn Investment Management Ltd. bought a new position in Tectonic Therapeutic during the second quarter valued at approximately $2,232,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Tectonic Therapeutic during the second quarter worth approximately $868,000. 62.63% of the stock is currently owned by hedge funds and other institutional investors.

About Tectonic Therapeutic

Tectonic Therapeutic, Inc (NASDAQ: TECX) is a clinical-stage biotechnology company developing biologic medicines that target G protein-coupled receptors (GPCRs). These receptors play important roles in numerous biological processes and are established targets for a range of therapeutic treatments, but many remain difficult to address with conventional drug-discovery approaches.

The company uses its proprietary GEODe platform to identify and develop antibodies and other biologic molecules designed to modulate GPCR activity.