Tectonic Therapeutic (NASDAQ:TECX) Cut to Strong Sell at Wall Street Zen

Wall Street Zen downgraded shares of Tectonic Therapeutic (NASDAQ:TECX) from a sell rating to a strong sell rating in a research report sent to investors on Saturday,Wall Street Zen reports.

A number of other research firms also recently issued reports on TECX. Raymond James Financial raised shares of Tectonic Therapeutic from an “outperform” rating to a “strong-buy” rating and lifted their price objective for the stock from $76.00 to $81.00 in a report on Tuesday, May 26th. Weiss Ratings restated a “sell (d-)” rating on shares of Tectonic Therapeutic in a research report on Friday, July 17th. Zacks Research raised Tectonic Therapeutic from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 18th. Wells Fargo & Company reduced their price objective on Tectonic Therapeutic from $101.00 to $93.00 and set an “overweight” rating on the stock in a research report on Friday, August 7th. Finally, Oppenheimer restated an “outperform” rating on shares of Tectonic Therapeutic in a research report on Tuesday, September 1st. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $77.25.

Tectonic Therapeutic Trading Down 1.4%

Shares of NASDAQ TECX opened at $26.63 on Friday. The business has a 50-day moving average of $31.69 and a 200-day moving average of $30.88. The firm has a market capitalization of $520.62 million, a price-to-earnings ratio of -5.83 and a beta of 3.31. Tectonic Therapeutic has a 12 month low of $14.39 and a 12 month high of $39.53.

Tectonic Therapeutic (NASDAQ:TECX) last announced its earnings results on Thursday, August 6th. The company reported ($1.18) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.35) by $0.17. On average, analysts predict that Tectonic Therapeutic will post -5.27 earnings per share for the current year.

Institutional Trading of Tectonic Therapeutic

A number of institutional investors have recently made changes to their positions in the stock. BlackRock Inc. purchased a new position in shares of Tectonic Therapeutic in the second quarter worth $29,652,000. First Light Asset Management LLC boosted its position in Tectonic Therapeutic by 23.6% during the 2nd quarter. First Light Asset Management LLC now owns 800,726 shares of the company’s stock valued at $27,525,000 after buying an additional 152,983 shares during the period. 5AM Venture Management LLC bought a new stake in Tectonic Therapeutic in the 2nd quarter worth $20,853,938. Baker BROS. Advisors LP grew its holdings in Tectonic Therapeutic by 803.4% in the 4th quarter. Baker BROS. Advisors LP now owns 903,400 shares of the company’s stock worth $18,845,000 after acquiring an additional 803,400 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Tectonic Therapeutic in the second quarter valued at about $2,232,000. Hedge funds and other institutional investors own 62.63% of the company’s stock.

Tectonic Therapeutic Company Profile

Tectonic Therapeutic, Inc is a clinical-stage biotechnology company focused on developing biologic medicines that target G protein-coupled receptors (GPCRs). These receptors play important roles in many physiological processes but have historically been difficult to address with conventional antibody-based therapies.

The company uses its proprietary GEODe platform to discover and develop antibodies and other biologics designed to modulate GPCR activity. Tectonic’s pipeline includes TX45, an investigational therapeutic intended to activate the relaxin receptor RXFP1.