Tectonic Therapeutic, Inc. (NASDAQ:TECX) Receives $81.50 Average Price Target from Brokerages

Tectonic Therapeutic, Inc. (NASDAQ:TECX) has been assigned a consensus recommendation of “Moderate Buy” from the seven research firms that are currently covering the firm, Marketbeat.com reports. One research analyst has rated the stock with a sell rating, five have assigned a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $81.50.

Several analysts have recently commented on the stock. Truist Financial decreased their price target on shares of Tectonic Therapeutic from $64.00 to $60.00 and set a “buy” rating on the stock in a research note on Thursday, January 8th. Lifesci Capital upgraded shares of Tectonic Therapeutic to a “strong-buy” rating in a research report on Thursday, February 5th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Tectonic Therapeutic in a report on Thursday, January 22nd.

Tectonic Therapeutic Stock Performance

Shares of NASDAQ:TECX opened at $33.31 on Tuesday. The business has a fifty day moving average of $23.08 and a 200-day moving average of $20.08. Tectonic Therapeutic has a twelve month low of $13.70 and a twelve month high of $36.03. The firm has a market cap of $625.56 million, a PE ratio of -8.22 and a beta of 3.76.

Tectonic Therapeutic (NASDAQ:TECX) last issued its quarterly earnings results on Thursday, February 26th. The company reported ($1.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.11) by $0.08. On average, analysts anticipate that Tectonic Therapeutic will post -8.31 EPS for the current fiscal year.

Insider Activity

In other news, insider Peter Mcnamara sold 6,262 shares of the company’s stock in a transaction on Friday, March 6th. The stock was sold at an average price of $30.17, for a total transaction of $188,924.54. Following the transaction, the insider owned 55,285 shares of the company’s stock, valued at $1,667,948.45. This represents a 10.17% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Marcella K. Ruddy sold 10,000 shares of the firm’s stock in a transaction dated Friday, March 6th. The shares were sold at an average price of $30.00, for a total value of $300,000.00. Following the completion of the transaction, the insider owned 69,747 shares in the company, valued at approximately $2,092,410. This represents a 12.54% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 19,561 shares of company stock valued at $566,551 over the last 90 days. 38.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Tectonic Therapeutic

Several institutional investors have recently modified their holdings of the business. Police & Firemen s Retirement System of New Jersey bought a new stake in shares of Tectonic Therapeutic during the second quarter worth approximately $52,000. Caitong International Asset Management Co. Ltd boosted its stake in Tectonic Therapeutic by 451.6% in the third quarter. Caitong International Asset Management Co. Ltd now owns 3,966 shares of the company’s stock valued at $62,000 after acquiring an additional 3,247 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its holdings in Tectonic Therapeutic by 26.7% during the 2nd quarter. China Universal Asset Management Co. Ltd. now owns 3,750 shares of the company’s stock worth $75,000 after acquiring an additional 791 shares during the period. Virtus Investment Advisers LLC grew its holdings in Tectonic Therapeutic by 18.3% during the 2nd quarter. Virtus Investment Advisers LLC now owns 4,190 shares of the company’s stock worth $83,000 after acquiring an additional 649 shares during the period. Finally, New York State Common Retirement Fund bought a new stake in shares of Tectonic Therapeutic during the 2nd quarter valued at $99,000. 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.