Tectonic Therapeutic (NASDAQ:TECX) Now Covered by Analysts at Raymond James

Raymond James started coverage on shares of Tectonic Therapeutic (NASDAQ:TECX) in a research report released on Wednesday, Marketbeat.com reports. The firm issued an outperform rating and a $76.00 price target on the stock.

A number of other analysts have also commented on the company. Mizuho raised their price target on Tectonic Therapeutic from $51.00 to $85.00 and gave the stock an “outperform” rating in a research note on Thursday, May 15th. Lifesci Capital started coverage on Tectonic Therapeutic in a research note on Friday, June 6th. They issued an “outperform” rating and a $87.00 price objective for the company. Finally, Wells Fargo & Company cut their target price on Tectonic Therapeutic from $112.00 to $101.00 and set an “overweight” rating for the company in a research report on Friday, March 21st. Six research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $82.33.

Tectonic Therapeutic Price Performance

NASDAQ:TECX opened at $21.89 on Wednesday. The firm has a 50-day moving average of $20.58 and a 200-day moving average of $30.74. Tectonic Therapeutic has a one year low of $13.70 and a one year high of $61.07. The company has a market cap of $408.75 million, a PE ratio of -3.72 and a beta of 3.25.

Tectonic Therapeutic (NASDAQ:TECX) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.93) EPS for the quarter, topping the consensus estimate of ($1.10) by $0.17. On average, equities 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 related news, Director Timothy A. Springer purchased 3,718 shares of Tectonic Therapeutic stock in a transaction that occurred on Wednesday, April 9th. The stock was bought at an average cost of $14.76 per share, for a total transaction of $54,877.68. Following the completion of the transaction, the director now owns 4,317,276 shares in the company, valued at $63,722,993.76. The trade was a 0.09% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Over the last ninety days, insiders acquired 100,696 shares of company stock worth $1,705,714. 38.00% of the stock is owned by insiders.

Institutional Trading of Tectonic Therapeutic

Institutional investors and hedge funds have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. purchased a new stake in shares of Tectonic Therapeutic during the fourth quarter worth $218,000. Raymond James Financial Inc. purchased a new stake in Tectonic Therapeutic during the 4th quarter worth about $228,000. Connor Clark & Lunn Investment Management Ltd. lifted its position in Tectonic Therapeutic by 88.1% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 14,485 shares of the company’s stock valued at $669,000 after acquiring an additional 6,783 shares during the last quarter. Commonwealth Equity Services LLC purchased a new stake in shares of Tectonic Therapeutic in the fourth quarter valued at about $231,000. Finally, JPMorgan Chase & Co. raised its stake in shares of Tectonic Therapeutic by 5,554.5% during the fourth quarter. JPMorgan Chase & Co. now owns 1,244 shares of the company’s stock worth $57,000 after purchasing an additional 1,222 shares during the last quarter. 62.63% of the stock is currently owned by hedge funds and other 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.