Farallon Capital Management LLC Reduces Stock Position in Tectonic Therapeutic, Inc. $TECX

Farallon Capital Management LLC lessened its stake in Tectonic Therapeutic, Inc. (NASDAQ:TECX) by 25.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 640,000 shares of the company’s stock after selling 213,050 shares during the quarter. Farallon Capital Management LLC’s holdings in Tectonic Therapeutic were worth $10,042,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in TECX. Aberdeen Group plc purchased a new stake in Tectonic Therapeutic in the 3rd quarter valued at $5,588,000. Knott David M Jr increased its stake in shares of Tectonic Therapeutic by 85.0% in the 2nd quarter. Knott David M Jr now owns 74,000 shares of the company’s stock worth $1,470,000 after acquiring an additional 34,000 shares during the last quarter. Police & Firemen s Retirement System of New Jersey purchased a new position in shares of Tectonic Therapeutic during the 2nd quarter worth $52,000. Stempoint Capital LP purchased a new position in shares of Tectonic Therapeutic during the 2nd quarter worth $795,000. Finally, Braidwell LP acquired a new position in shares of Tectonic Therapeutic during the 3rd quarter valued at about $11,561,000. Hedge funds and other institutional investors own 62.63% of the company’s stock.

Insider Activity at Tectonic Therapeutic

In related news, CFO Daniel Lochner purchased 6,000 shares of the company’s stock in a transaction on Tuesday, February 10th. The stock was acquired at an average cost of $21.61 per share, for a total transaction of $129,660.00. Following the completion of the transaction, the chief financial officer directly owned 32,044 shares in the company, valued at approximately $692,470.84. The trade was a 23.04% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Also, insider Peter Mcnamara sold 6,262 shares of the business’s stock in a transaction that occurred on Friday, March 6th. The shares were sold at an average price of $30.17, for a total transaction of $188,924.54. Following the completion of the sale, the insider directly owned 55,285 shares in the company, valued at $1,667,948.45. This trade represents a 10.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 19,561 shares of company stock worth $566,551. Company insiders own 9.20% of the company’s stock.

Tectonic Therapeutic Stock Down 2.4%

NASDAQ:TECX opened at $33.31 on Monday. Tectonic Therapeutic, Inc. has a 52 week low of $13.70 and a 52 week high of $36.03. The company has a market capitalization of $625.56 million, a P/E ratio of -8.22 and a beta of 3.75. The stock’s fifty day moving average is $23.08 and its two-hundred day moving average is $20.03.

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Lifesci Capital raised shares of Tectonic Therapeutic to a “strong-buy” rating in a report on Thursday, February 5th. Truist Financial reduced their target price 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. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Tectonic Therapeutic in a report on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $81.50.

Tectonic Therapeutic 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.