Short Interest in Tectonic Therapeutic (NASDAQ:TECX) Drops By 16.2%

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) was the recipient of a significant drop in short interest in the month of February. As of February 15th, there was short interest totalling 888,500 shares, a drop of 16.2% from the January 31st total of 1,060,000 shares. Approximately 10.3% of the shares of the stock are short sold. Based on an average daily volume of 284,700 shares, the short-interest ratio is presently 3.1 days.

Tectonic Therapeutic Trading Up 2.1 %

Shares of Tectonic Therapeutic stock traded up $0.47 during midday trading on Friday, reaching $23.18. The company had a trading volume of 169,648 shares, compared to its average volume of 393,935. The company has a market capitalization of $341.97 million, a price-to-earnings ratio of -3.94 and a beta of 2.71. The stock has a fifty day simple moving average of $37.38 and a 200 day simple moving average of $36.30. Tectonic Therapeutic has a 1-year low of $13.80 and a 1-year high of $61.07.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Raymond James initiated coverage on shares of Tectonic Therapeutic in a research note on Wednesday, November 20th. They issued an "outperform" rating and a $65.00 target price for the company. Wells Fargo & Company raised their price target on shares of Tectonic Therapeutic from $79.00 to $112.00 and gave the company an "overweight" rating in a report on Friday, January 31st. Finally, Leerink Partners raised their price target on shares of Tectonic Therapeutic from $49.00 to $69.00 and gave the company an "outperform" rating in a report on Monday, November 11th. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $80.50.

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Insiders Place Their Bets

In other news, Director Timothy A. Springer bought 129,294 shares of the business's stock in a transaction dated Wednesday, February 5th. The stock was 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 of the company's stock, valued at approximately $228,798,780.12. The trade was a 3.16 % increase in their position. The transaction 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 business's stock in a transaction dated Wednesday, February 5th. The stock was purchased at an average price of $54.14 per share, with a total value of $249,964.38. Following the purchase, the chief financial officer now directly owns 4,617 shares of the company's stock, valued at $249,964.38. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. Corporate insiders own 9.20% of the company's stock.

Institutional Trading of Tectonic Therapeutic

A number of hedge funds and other institutional investors have recently modified their holdings of TECX. Nordwand Advisors LLC acquired a new stake in Tectonic Therapeutic during the 3rd quarter worth $45,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Tectonic Therapeutic during the 3rd quarter worth $233,000. FMR LLC grew its holdings in Tectonic Therapeutic by 13.2% during the 3rd quarter. FMR LLC now owns 1,220,138 shares of the company's stock worth $36,970,000 after acquiring an additional 142,600 shares during the period. Acuta Capital Partners LLC acquired a new stake in Tectonic Therapeutic during the 3rd quarter worth $415,000. Finally, Walleye Capital LLC grew its holdings in Tectonic Therapeutic by 204.2% during the 3rd quarter. Walleye Capital LLC now owns 72,962 shares of the company's stock worth $2,211,000 after acquiring an additional 48,978 shares during the period. Institutional investors and hedge funds own 62.63% of the company's stock.

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.