Sectoral Asset Management Inc. Reduces Stock Holdings in Tectonic Therapeutic, Inc. $TECX

Sectoral Asset Management Inc. lowered its position in Tectonic Therapeutic, Inc. (NASDAQ:TECX) by 78.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 42,255 shares of the company’s stock after selling 150,515 shares during the quarter. Sectoral Asset Management Inc.’s holdings in Tectonic Therapeutic were worth $881,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in TECX. Aberdeen Group plc increased its position in shares of Tectonic Therapeutic by 220.6% in the fourth quarter. Aberdeen Group plc now owns 1,141,824 shares of the company’s stock valued at $23,818,000 after buying an additional 785,648 shares in the last quarter. Braidwell LP purchased a new position in shares of Tectonic Therapeutic in the third quarter valued at $11,561,000. Millennium Management LLC increased its position in shares of Tectonic Therapeutic by 726.4% in the first quarter. Millennium Management LLC now owns 237,938 shares of the company’s stock valued at $4,214,000 after buying an additional 209,145 shares in the last quarter. Kennedy Capital Management LLC purchased a new position in shares of Tectonic Therapeutic in the third quarter valued at $3,276,000. Finally, First Light Asset Management LLC purchased a new position in shares of Tectonic Therapeutic in the third quarter valued at $3,176,000. Hedge funds and other institutional investors own 62.63% of the company’s stock.

Tectonic Therapeutic Stock Performance

Shares of NASDAQ:TECX opened at $29.12 on Monday. The stock’s 50-day moving average price is $29.53 and its two-hundred day moving average price is $24.15. Tectonic Therapeutic, Inc. has a 12-month low of $14.39 and a 12-month high of $36.03. The firm has a market cap of $549.49 million, a price-to-earnings ratio of -6.53 and a beta of 3.27.

Tectonic Therapeutic (NASDAQ:TECX) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($1.34) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.18). As a group, research analysts forecast that Tectonic Therapeutic, Inc. will post -5.33 earnings per share for the current fiscal year.

Insider Transactions at Tectonic Therapeutic

In other Tectonic Therapeutic news, insider Peter Mcnamara sold 6,262 shares of the firm’s stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $30.17, for a total value of $188,924.54. Following the sale, the insider directly owned 55,285 shares of the company’s stock, valued at approximately $1,667,948.45. This trade represents a 10.17% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Marcella K. Ruddy sold 1,065 shares of the firm’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $30.00, for a total value of $31,950.00. Following the completion of the sale, the insider directly owned 67,682 shares in the company, valued at approximately $2,030,460. The trade was a 1.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 21,626 shares of company stock worth $629,551. 39.80% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on TECX shares. Stifel Nicolaus started coverage on Tectonic Therapeutic in a research report on Monday, April 13th. They issued a “buy” rating and a $75.00 price target for the company. Lifesci Capital upgraded Tectonic Therapeutic to a “strong-buy” rating in a research report on Thursday, February 5th. Wall Street Zen cut Tectonic Therapeutic from a “sell” rating to a “strong sell” rating in a research report on Saturday, April 18th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Tectonic Therapeutic in a research report on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $79.83.

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.