Tectonic Therapeutic (NASDAQ:TECX) Announces Quarterly Earnings Results

Tectonic Therapeutic (NASDAQ:TECX) announced its quarterly earnings results on Thursday. The company reported ($1.34) EPS for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.18), FiscalAI reports.

Tectonic Therapeutic Trading Up 7.9%

NASDAQ:TECX traded up $2.13 on Friday, reaching $29.00. 431,780 shares of the stock traded hands, compared to its average volume of 325,286. Tectonic Therapeutic has a 1-year low of $14.39 and a 1-year high of $36.03. The company’s 50 day moving average is $29.51 and its 200-day moving average is $23.35. The firm has a market capitalization of $546.65 million, a price-to-earnings ratio of -7.16 and a beta of 3.27.

Analyst Upgrades and Downgrades

TECX has been the subject of a number of research reports. Truist Financial dropped their price objective on shares of Tectonic Therapeutic from $64.00 to $60.00 and set a “buy” rating for the company in a report on Thursday, January 8th. Lifesci Capital raised shares of Tectonic Therapeutic to a “strong-buy” rating in a report on Thursday, February 5th. Stifel Nicolaus started coverage on shares of Tectonic Therapeutic in a research note on Monday, April 13th. They set a “buy” rating and a $75.00 price target for the company. Wall Street Zen lowered shares of Tectonic Therapeutic from a “sell” rating to a “strong sell” rating in a report on Saturday, April 18th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Tectonic Therapeutic in a research note on Tuesday, April 21st. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $80.57.

Insider Activity

In related news, insider Peter Mcnamara sold 6,262 shares of the business’s stock in a transaction on Friday, March 6th. The shares were sold at an average price of $30.17, for a total value of $188,924.54. Following the transaction, the insider owned 55,285 shares in the company, valued at $1,667,948.45. The trade was a 10.17% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Daniel Lochner purchased 6,000 shares of the business’s stock in a transaction on Tuesday, February 10th. The shares were purchased at an average cost of $21.61 per share, for a total transaction of $129,660.00. Following the transaction, the chief financial officer directly owned 32,044 shares of the company’s stock, valued at approximately $692,470.84. The trade was a 23.04% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders have sold 21,626 shares of company stock valued at $629,551. 39.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Millennium Management LLC boosted its position in shares of Tectonic Therapeutic by 726.4% during the 1st quarter. Millennium Management LLC now owns 237,938 shares of the company’s stock valued at $4,214,000 after purchasing an additional 209,145 shares in the last quarter. Goldman Sachs Group Inc. increased its holdings in Tectonic Therapeutic by 331.1% in the first quarter. Goldman Sachs Group Inc. now owns 104,793 shares of the company’s stock worth $1,856,000 after purchasing an additional 80,483 shares in the last quarter. Jane Street Group LLC increased its holdings in Tectonic Therapeutic by 58.7% in the first quarter. Jane Street Group LLC now owns 47,145 shares of the company’s stock worth $835,000 after purchasing an additional 17,443 shares in the last quarter. Geode Capital Management LLC lifted its stake in Tectonic Therapeutic by 242.5% in the second quarter. Geode Capital Management LLC now owns 272,257 shares of the company’s stock valued at $5,411,000 after buying an additional 192,770 shares during the period. Finally, JPMorgan Chase & Co. lifted its stake in Tectonic Therapeutic by 483.6% in the second quarter. JPMorgan Chase & Co. now owns 6,548 shares of the company’s stock valued at $130,000 after buying an additional 5,426 shares during the period. 62.63% of the stock is owned by institutional investors and hedge funds.

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.