Tectonic Therapeutic (NASDAQ:TECX) Shares Up 13.3% – Still a Buy?

Tectonic Therapeutic, Inc. (NASDAQ:TECX) shot up 13.3% during mid-day trading on Wednesday . The stock traded as high as $35.42 and last traded at $36.1150. 167,910 shares were traded during mid-day trading, a decline of 37% from the average session volume of 266,988 shares. The stock had previously closed at $31.87.

Wall Street Analysts Forecast Growth

TECX has been the topic of a number of research analyst reports. Raymond James Financial upgraded Tectonic Therapeutic from an “outperform” rating to a “strong-buy” rating and lifted their target price for the stock from $76.00 to $81.00 in a research report on Tuesday, May 26th. Zacks Research lowered Tectonic Therapeutic from a “hold” rating to a “strong sell” rating in a research report on Monday, July 20th. Wall Street Zen raised Tectonic Therapeutic from a “strong sell” rating to a “sell” rating in a report on Saturday, August 8th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Tectonic Therapeutic in a report on Friday, July 17th. Finally, Wells Fargo & Company decreased their price target on shares of Tectonic Therapeutic from $101.00 to $93.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. Two investment analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $77.80.

Tectonic Therapeutic Trading Down 7.7%

The firm has a market capitalization of $664.31 million, a PE ratio of -7.44 and a beta of 3.28. The business has a 50 day moving average price of $31.67 and a 200-day moving average price of $28.97.

Tectonic Therapeutic (NASDAQ:TECX) last released its quarterly earnings data on Thursday, August 6th. The company reported ($1.18) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.35) by $0.17. On average, equities research analysts forecast that Tectonic Therapeutic, Inc. will post -5.25 earnings per share for the current year.

Institutional Trading of Tectonic Therapeutic

Several hedge funds and other institutional investors have recently made changes to their positions in TECX. Quantbot Technologies LP purchased a new stake in Tectonic Therapeutic during the second quarter worth about $63,000. Caitong International Asset Management Co. Ltd increased its holdings in Tectonic Therapeutic by 451.6% in the third 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 in the last quarter. New York State Common Retirement Fund purchased a new position in Tectonic Therapeutic in the second quarter valued at about $99,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of Tectonic Therapeutic during the 2nd quarter valued at approximately $119,000. Finally, Los Angeles Capital Management LLC acquired a new stake in shares of Tectonic Therapeutic during the 4th quarter valued at approximately $134,000. Institutional investors and hedge funds own 62.63% of the company’s stock.

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.