Tectonic Therapeutic (NASDAQ:TECX) Given Average Rating of "Buy" by Brokerages

Shares of Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) have been given an average recommendation of "Buy" by the seven brokerages that are currently covering the stock, Marketbeat reports. Six analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among analysts that have issued ratings on the stock in the last year is $72.40.

TECX has been the subject of a number of analyst reports. Wells Fargo & Company cut their target price on Tectonic Therapeutic from $112.00 to $101.00 and set an "overweight" rating for the company in a research note on Friday, March 21st. Mizuho assumed coverage on Tectonic Therapeutic in a report on Monday. They issued an "outperform" rating and a $51.00 target price for the company.

Insider Transactions at Tectonic Therapeutic

In related news, CFO Daniel Lochner bought 4,617 shares of the stock in a transaction on Wednesday, February 5th. The shares were purchased at an average price of $54.14 per share, for a total transaction of $249,964.38. Following the acquisition, the chief financial officer now owns 4,617 shares in the company, valued at $249,964.38. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Timothy A. Springer purchased 9,478 shares of the business's stock in a transaction dated Friday, April 11th. The stock was bought at an average cost of $16.31 per share, with a total value of $154,586.18. Following the completion of the acquisition, the director now owns 4,334,846 shares of the company's stock, valued at approximately $70,701,338.26. The trade was a 0.22 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders bought 234,607 shares of company stock valued at $8,955,655 in the last 90 days. 9.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Tectonic Therapeutic

Hedge funds have recently modified their holdings of the company. Geode Capital Management LLC lifted its stake in shares of Tectonic Therapeutic by 147.7% during the third quarter. Geode Capital Management LLC now owns 76,879 shares of the company's stock valued at $2,331,000 after buying an additional 45,846 shares during the period. Clarius Group LLC purchased a new position in shares of Tectonic Therapeutic during the 4th quarter worth $468,000. Commonwealth Equity Services LLC acquired a new stake in shares of Tectonic Therapeutic during the fourth quarter worth $231,000. Charles Schwab Investment Management Inc. purchased a new stake in shares of Tectonic Therapeutic in the fourth quarter valued at $218,000. Finally, Raymond James Financial Inc. acquired a new position in Tectonic Therapeutic in the fourth quarter valued at $228,000. 62.63% of the stock is owned by institutional investors and hedge funds.

Tectonic Therapeutic Trading Up 10.6 %

Shares of Tectonic Therapeutic stock traded up $2.07 during trading hours on Friday, hitting $21.61. 524,856 shares of the company were exchanged, compared to its average volume of 328,921. The business has a 50-day moving average of $21.51 and a 200-day moving average of $35.38. Tectonic Therapeutic has a 1 year low of $13.70 and a 1 year high of $61.07. The stock has a market capitalization of $403.31 million, a price-to-earnings ratio of -3.67 and a beta of 2.87.

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) last issued its earnings results on Thursday, March 20th. The company reported ($0.84) earnings per share for the quarter, beating the consensus estimate of ($1.39) by $0.55. As a group, research analysts anticipate that Tectonic Therapeutic will post -8.31 earnings per share for the current fiscal year.

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.