Tectonic Therapeutic (NASDAQ:TECX) Shares Gap Up on Insider Buying Activity

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) gapped up prior to trading on Monday after an insider bought additional shares in the company. The stock had previously closed at $36.45, but opened at $39.98. Tectonic Therapeutic shares last traded at $38.72, with a volume of 45,380 shares changing hands.

Specifically, CFO Daniel Lochner bought 4,617 shares of the stock in a transaction that occurred on Wednesday, February 5th. The shares were bought 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 directly owns 4,617 shares of the company's stock, valued at approximately $249,964.38. The trade was a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Timothy A. Springer acquired 129,294 shares of the stock in a transaction dated Wednesday, February 5th. The stock was bought at an average cost of $54.14 per share, with a total value 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 ownership of the stock. The disclosure for this purchase can be found here.

Wall Street Analyst Weigh In

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

Tectonic Therapeutic Trading Down 4.6 %

The firm has a fifty day moving average of $44.94 and a two-hundred day moving average of $34.76. The company has a market cap of $512.86 million, a PE ratio of -5.90 and a beta of 2.62.

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) last posted its earnings results on Thursday, November 7th. The company reported ($1.20) earnings per share for the quarter, missing the consensus estimate of ($0.84) by ($0.36). Sell-side analysts expect that Tectonic Therapeutic will post -8.31 EPS for the current fiscal year.

Institutional Investors Weigh In On Tectonic Therapeutic

Hedge funds and other institutional investors have recently bought and sold shares of the business. Nordwand Advisors LLC bought a new stake in shares of Tectonic Therapeutic during the 3rd quarter valued at $45,000. China Universal Asset Management Co. Ltd. bought a new stake in Tectonic Therapeutic during the fourth quarter valued at $144,000. Charles Schwab Investment Management Inc. purchased a new position in Tectonic Therapeutic during the fourth quarter worth about $218,000. Raymond James Financial Inc. bought a new position in Tectonic Therapeutic in the 4th quarter worth about $228,000. Finally, Commonwealth Equity Services LLC purchased a new stake in shares of Tectonic Therapeutic in the 4th quarter valued at about $231,000. Institutional investors 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.