Zacks Research Downgrades Tectonic Therapeutic (NASDAQ:TECX) to Strong Sell

Tectonic Therapeutic (NASDAQ:TECX) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a note issued to investors on Monday,Zacks.com reports.

Several other brokerages have also recently issued reports on TECX. Stifel Nicolaus began coverage on Tectonic Therapeutic in a research report on Monday, April 13th. They issued a “buy” rating and a $75.00 price target on the stock. Wall Street Zen downgraded Tectonic Therapeutic from a “sell” rating to a “strong sell” rating in a research note on Saturday, April 18th. Raymond James Financial raised Tectonic Therapeutic from an “outperform” rating to a “strong-buy” rating and boosted their target price for the company from $76.00 to $81.00 in a report on Tuesday, May 26th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Tectonic Therapeutic in a research note on Friday. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $79.40.

Tectonic Therapeutic Stock Performance

Shares of Tectonic Therapeutic stock opened at $32.80 on Monday. The company has a market capitalization of $618.94 million, a P/E ratio of -7.35 and a beta of 3.21. Tectonic Therapeutic has a 1 year low of $14.39 and a 1 year high of $39.53. The company’s fifty day moving average is $31.07 and its two-hundred day moving average is $27.68.

Tectonic Therapeutic (NASDAQ:TECX) last announced its earnings results on Thursday, May 7th. The company reported ($1.34) EPS for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.18). As a group, equities analysts expect that Tectonic Therapeutic will post -5.46 earnings per share for the current year.

Insider Transactions at Tectonic Therapeutic

In related news, insider Marcella K. Ruddy sold 1,065 shares of the firm’s stock in a transaction dated Monday, May 4th. The shares were sold at an average price of $30.00, for a total value 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 trade represents a 1.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 39.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Tectonic Therapeutic

A number of large investors have recently modified their holdings of the business. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Tectonic Therapeutic by 451.6% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,966 shares of the company’s stock valued at $62,000 after buying an additional 3,247 shares during the period. New York State Common Retirement Fund acquired a new position in Tectonic Therapeutic during the second quarter worth $99,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Tectonic Therapeutic in the second quarter worth $119,000. JPMorgan Chase & Co. raised its position in Tectonic Therapeutic by 483.6% in the second quarter. JPMorgan Chase & Co. now owns 6,548 shares of the company’s stock worth $130,000 after acquiring an additional 5,426 shares in the last quarter. Finally, Los Angeles Capital Management LLC acquired a new stake in Tectonic Therapeutic in the fourth quarter valued at $134,000. 62.63% of the stock is owned by hedge funds and other institutional investors.

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.