Tectonic Therapeutic (NASDAQ:TECX) Sees Significant Growth in Short Interest

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) was the target of a large increase in short interest in January. As of January 31st, there was short interest totalling 1,060,000 shares, an increase of 60.3% from the January 15th total of 661,100 shares. Approximately 13.8% of the shares of the stock are short sold. Based on an average trading volume of 260,900 shares, the short-interest ratio is currently 4.1 days.

Insider Activity

In related news, CFO Daniel Lochner bought 4,617 shares of the business's stock in a transaction that occurred on Wednesday, February 5th. The stock was acquired at an average price of $54.14 per share, for a total transaction of $249,964.38. Following the transaction, the chief financial officer now directly owns 4,617 shares of the company's stock, 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 129,294 shares of the stock in a transaction on 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 transaction, the director now directly owns 4,226,058 shares of the company's stock, valued at approximately $228,798,780.12. This trade represents a 3.16 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 9.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of TECX. FMR LLC raised its stake in shares of Tectonic Therapeutic by 13.2% during the third quarter. FMR LLC now owns 1,220,138 shares of the company's stock worth $36,970,000 after buying an additional 142,600 shares during the last quarter. Farallon Capital Management LLC raised its position in shares of Tectonic Therapeutic by 37.0% during the 4th quarter. Farallon Capital Management LLC now owns 713,050 shares of the company's stock valued at $32,922,000 after acquiring an additional 192,653 shares during the last quarter. Paradigm Biocapital Advisors LP acquired a new position in shares of Tectonic Therapeutic in the 4th quarter valued at $22,397,000. Ikarian Capital LLC boosted its position in shares of Tectonic Therapeutic by 325.1% in the 3rd quarter. Ikarian Capital LLC now owns 267,145 shares of the company's stock worth $8,094,000 after purchasing an additional 204,309 shares during the last quarter. Finally, Balyasny Asset Management L.P. grew its stake in shares of Tectonic Therapeutic by 36.9% during the fourth quarter. Balyasny Asset Management L.P. now owns 247,000 shares of the company's stock worth $11,404,000 after purchasing an additional 66,527 shares during the period. Institutional investors own 62.63% of the company's stock.

Tectonic Therapeutic Trading Up 3.3 %

Shares of TECX traded up $1.15 during trading hours on Monday, hitting $35.57. 265,032 shares of the stock traded hands, compared to its average volume of 543,320. The business has a fifty day moving average of $43.49 and a 200-day moving average of $35.19. The firm has a market capitalization of $524.76 million, a PE ratio of -6.04 and a beta of 2.62. Tectonic Therapeutic has a 1-year low of $13.80 and a 1-year high of $61.07.

Wall Street Analyst Weigh In

TECX has been the topic of a number of research analyst reports. Wells Fargo & Company increased their price target on Tectonic Therapeutic from $79.00 to $112.00 and gave the stock an "overweight" rating in a research report on Friday, January 31st. Leerink Partners lifted their price target on Tectonic Therapeutic from $49.00 to $69.00 and gave the company an "outperform" rating in a report on Monday, November 11th. Finally, Raymond James initiated coverage on shares of Tectonic Therapeutic in a research report on Wednesday, November 20th. They set an "outperform" rating and a $65.00 price target on the stock. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Tectonic Therapeutic currently has an average rating of "Buy" and a consensus target price of $80.50.

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.