128,178 Shares in Tectonic Therapeutic (NASDAQ:TECX) Bought by Invesco Ltd.

Invesco Ltd. acquired a new stake in Tectonic Therapeutic (NASDAQ:TECX - Free Report) in the 4th quarter, according to its most recent filing with the SEC. The fund acquired 128,178 shares of the company's stock, valued at approximately $5,918,000. Invesco Ltd. owned 0.87% of Tectonic Therapeutic as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of TECX. Geode Capital Management LLC increased its position in shares of Tectonic Therapeutic by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 77,584 shares of the company's stock worth $3,584,000 after acquiring an additional 705 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Tectonic Therapeutic by 5,554.5% during the 4th quarter. JPMorgan Chase & Co. now owns 1,244 shares of the company's stock worth $57,000 after purchasing an additional 1,222 shares in the last quarter. Commonwealth Equity Services LLC acquired a new stake in shares of Tectonic Therapeutic in the 4th quarter valued at about $231,000. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Tectonic Therapeutic by 88.1% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 14,485 shares of the company's stock valued at $669,000 after purchasing an additional 6,783 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Tectonic Therapeutic during the fourth quarter worth about $228,000. 62.63% of the stock is currently owned by institutional investors and hedge funds.

Tectonic Therapeutic Stock Down 4.3 %

Shares of NASDAQ TECX traded down $0.91 during trading hours on Monday, hitting $20.18. The company had a trading volume of 134,124 shares, compared to its average volume of 174,799. The stock has a market capitalization of $376.62 million, a P/E ratio of -3.43 and a beta of 2.87. Tectonic Therapeutic has a 1-year low of $13.70 and a 1-year high of $61.07. The firm's 50 day moving average is $20.81 and its 200-day moving average is $35.22.

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) last released its quarterly earnings data on Thursday, March 20th. The company reported ($0.84) earnings per share for the quarter, topping the consensus estimate of ($1.39) by $0.55. On average, sell-side analysts predict that Tectonic Therapeutic will post -8.31 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on TECX shares. Wells Fargo & Company cut their target price on Tectonic Therapeutic from $112.00 to $101.00 and set an "overweight" rating on the stock in a research note on Friday, March 21st. Mizuho began coverage on shares of Tectonic Therapeutic in a research report on Monday, April 21st. They issued an "outperform" rating and a $51.00 price objective on the stock. Six research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $72.40.

Insider Buying and Selling

In other news, Director Timothy A. Springer bought 129,294 shares of the stock in a transaction dated Wednesday, February 5th. The shares were bought at an average price of $54.14 per share, for a total transaction of $6,999,977.16. Following the completion of the purchase, the director now owns 4,226,058 shares in the company, valued at approximately $228,798,780.12. This trade represents a 3.16 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Daniel Lochner acquired 4,617 shares of the firm's stock in a transaction on Wednesday, February 5th. The stock was purchased at an average cost of $54.14 per share, for a total transaction of $249,964.38. Following the completion of the acquisition, the chief financial officer now owns 4,617 shares in the company, valued at approximately $249,964.38. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 234,607 shares of company stock valued at $8,955,655. 9.20% of the stock is owned by insiders.

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.