Tectonic Therapeutic (NASDAQ:TECX) Announces Earnings Results, Beats Expectations By $0.55 EPS

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) released its quarterly earnings results on Thursday. The company reported ($0.84) earnings per share for the quarter, beating analysts' consensus estimates of ($1.39) by $0.55, Zacks reports.

Tectonic Therapeutic Price Performance

NASDAQ:TECX traded up $0.25 on Monday, reaching $21.40. 275,754 shares of the company's stock were exchanged, compared to its average volume of 163,178. The stock has a fifty day simple moving average of $32.84 and a 200-day simple moving average of $36.59. Tectonic Therapeutic has a 52 week low of $15.00 and a 52 week high of $61.07. The firm has a market cap of $315.71 million, a price-to-earnings ratio of -3.63 and a beta of 2.71.

Insider Activity at Tectonic Therapeutic

In related news, Director Timothy A. Springer bought 129,294 shares of Tectonic Therapeutic stock in a transaction on Wednesday, February 5th. The stock was acquired at an average price of $54.14 per share, with a total value of $6,999,977.16. Following the acquisition, the director now directly owns 4,226,058 shares of the company's stock, valued at $228,798,780.12. This represents a 3.16 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Daniel Lochner bought 4,617 shares of the firm's stock in a transaction that occurred on Wednesday, February 5th. The shares were purchased at an average cost of $54.14 per share, for a total transaction of $249,964.38. Following the acquisition, the chief financial officer now directly owns 4,617 shares in the company, valued at $249,964.38. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. 9.20% of the stock is currently owned by corporate insiders.

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Wall Street Analysts Forecast Growth

Separately, Wells Fargo & Company reduced their price target on shares of Tectonic Therapeutic from $112.00 to $101.00 and set an "overweight" rating for the company in a research report on Friday. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $77.75.

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.