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

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) was the recipient of a large increase in short interest in March. As of March 31st, there was short interest totalling 1,100,000 shares, an increase of 24.7% from the March 15th total of 882,400 shares. Based on an average trading volume of 350,300 shares, the short-interest ratio is currently 3.1 days. Approximately 10.3% of the shares of the company are short sold.

Insider Buying and Selling at Tectonic Therapeutic

In other Tectonic Therapeutic news, Director Timothy A. Springer acquired 9,478 shares of the company's stock in a transaction dated Friday, April 11th. The stock was bought at an average price of $16.31 per share, for a total transaction of $154,586.18. Following the purchase, the director now owns 4,334,846 shares in the company, valued at $70,701,338.26. This represents a 0.22 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Daniel Lochner acquired 4,617 shares of Tectonic Therapeutic stock in a transaction dated Wednesday, February 5th. The shares were acquired at an average cost of $54.14 per share, with a total value of $249,964.38. Following the completion of 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. Insiders bought a total of 234,607 shares of company stock valued at $8,955,655 in the last quarter. Corporate insiders own 9.20% of the company's stock.

Institutional Investors Weigh In On Tectonic Therapeutic

A number of hedge funds have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. raised its stake in shares of Tectonic Therapeutic by 5,554.5% in the fourth quarter. JPMorgan Chase & Co. now owns 1,244 shares of the company's stock worth $57,000 after acquiring an additional 1,222 shares during the last quarter. Virtus ETF Advisers LLC bought a new position in Tectonic Therapeutic in the 4th quarter worth approximately $71,000. China Universal Asset Management Co. Ltd. bought a new position in Tectonic Therapeutic in the 4th quarter worth approximately $144,000. Charles Schwab Investment Management Inc. acquired a new position in Tectonic Therapeutic during the 4th quarter worth $218,000. Finally, Raymond James Financial Inc. bought a new position in Tectonic Therapeutic in the 4th quarter valued at $228,000. Institutional investors own 62.63% of the company's stock.

Analysts Set New Price Targets

TECX has been the subject of a number of recent research reports. Mizuho started coverage on Tectonic Therapeutic in a report on Monday. They issued an "outperform" rating and a $51.00 target price for the company. Wells Fargo & Company dropped their price objective 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. Six analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Tectonic Therapeutic has a consensus rating of "Buy" and an average target price of $72.40.

Tectonic Therapeutic Price Performance

Shares of TECX traded up $2.84 on Thursday, hitting $22.38. The company's stock had a trading volume of 645,438 shares, compared to its average volume of 174,864. The company has a 50 day moving average price of $21.51 and a 200 day moving average price of $35.38. Tectonic Therapeutic has a fifty-two week low of $13.70 and a fifty-two week high of $61.07. The company has a market capitalization of $417.68 million, a PE ratio of -3.80 and a beta of 2.87.

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) last posted its quarterly earnings data on Thursday, March 20th. The company reported ($0.84) EPS for the quarter, topping analysts' consensus estimates of ($1.39) by $0.55. On average, equities analysts forecast that Tectonic Therapeutic will post -8.31 EPS for the current 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.