Tectonic Therapeutic (NASDAQ:TECX) Shares Gap Up – Still a Buy?

Tectonic Therapeutic, Inc. (NASDAQ:TECX)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $31.99, but opened at $33.48. Tectonic Therapeutic shares last traded at $33.6560, with a volume of 19,365 shares traded.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on TECX shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Tectonic Therapeutic in a research report on Tuesday, April 21st. Raymond James Financial raised Tectonic Therapeutic from an “outperform” rating to a “strong-buy” rating and raised their price objective for the company from $76.00 to $81.00 in a research note on Tuesday, May 26th. Wall Street Zen lowered Tectonic Therapeutic from a “sell” rating to a “strong sell” rating in a report on Saturday, April 18th. Finally, Stifel Nicolaus assumed coverage on Tectonic Therapeutic in a research report on Monday, April 13th. They set a “buy” rating and a $75.00 target price for the company. Two equities research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and an average price target of $79.40.

Tectonic Therapeutic Trading Up 3.4%

The stock has a market cap of $645.32 million, a P/E ratio of -7.67 and a beta of 3.19. The firm’s fifty day moving average is $29.12 and its 200 day moving average is $26.08.

Tectonic Therapeutic (NASDAQ:TECX) last released 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). Research analysts forecast that Tectonic Therapeutic, Inc. will post -5.46 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Marcella K. Ruddy sold 1,065 shares of the stock in a transaction that occurred on Monday, May 4th. The stock was sold at an average price of $30.00, for a total transaction of $31,950.00. Following the completion of the sale, the insider owned 67,682 shares in the company, valued at $2,030,460. This represents a 1.55% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 39.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Tectonic Therapeutic

Several hedge funds have recently modified their holdings of TECX. First Light Asset Management LLC acquired a new position in Tectonic Therapeutic during the 3rd quarter valued at $3,176,000. Braidwell LP acquired a new position in shares of Tectonic Therapeutic during the third quarter valued at about $11,561,000. Aberdeen Group plc lifted its stake 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 during the period. DLD Asset Management LP acquired a new stake in Tectonic Therapeutic during the third quarter worth about $235,000. Finally, GSA Capital Partners LLP acquired a new stake in Tectonic Therapeutic during the fourth quarter worth about $1,320,000. 62.63% of the stock is owned by institutional investors.

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.