Tectonic Therapeutic (NASDAQ:TECX) Issues Earnings Results

Tectonic Therapeutic (NASDAQ:TECX) issued its quarterly earnings results on Thursday. The company reported ($1.03) earnings per share for the quarter, topping the consensus estimate of ($1.11) by $0.08, FiscalAI reports.

Tectonic Therapeutic Stock Performance

Shares of Tectonic Therapeutic stock traded up $0.82 during trading on Thursday, hitting $23.93. 286,197 shares of the company’s stock were exchanged, compared to its average volume of 413,684. The stock has a market capitalization of $447.97 million, a price-to-earnings ratio of -6.20 and a beta of 3.71. The business has a 50-day simple moving average of $20.96 and a 200-day simple moving average of $19.61. Tectonic Therapeutic has a 52-week low of $13.70 and a 52-week high of $27.33.

Insider Buying and Selling at Tectonic Therapeutic

In related news, CFO Daniel Lochner acquired 6,000 shares of Tectonic Therapeutic stock in a transaction on Tuesday, February 10th. The stock was acquired at an average price of $21.61 per share, for a total transaction of $129,660.00. Following the purchase, the chief financial officer owned 32,044 shares of the company’s stock, valued at approximately $692,470.84. This represents a 23.04% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 38.00% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of TECX. Aberdeen Group plc purchased a new position in Tectonic Therapeutic in the 3rd quarter valued at $5,588,000. Knott David M Jr grew its holdings in shares of Tectonic Therapeutic by 85.0% during the second quarter. Knott David M Jr now owns 74,000 shares of the company’s stock worth $1,470,000 after buying an additional 34,000 shares in the last quarter. Police & Firemen s Retirement System of New Jersey acquired a new stake in shares of Tectonic Therapeutic in the second quarter valued at about $52,000. Stempoint Capital LP purchased a new position in shares of Tectonic Therapeutic in the second quarter worth about $795,000. Finally, Monaco Asset Management SAM acquired a new position in Tectonic Therapeutic during the second quarter worth about $209,000. 62.63% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

TECX has been the topic of several research analyst reports. Lifesci Capital raised shares of Tectonic Therapeutic to a “strong-buy” rating in a research report on Thursday, February 5th. Truist Financial lowered their price objective on shares of Tectonic Therapeutic from $64.00 to $60.00 and set a “buy” rating for the company in a research note on Thursday, January 8th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Tectonic Therapeutic in a research report on Thursday, January 22nd. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Tectonic Therapeutic presently has an average rating of “Moderate Buy” and an average price target of $81.50.

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.