Tectonic Therapeutic (NASDAQ:TECX) Receives Average Recommendation of “Buy” from Brokerages

Tectonic Therapeutic (NASDAQ:TECX) has been given an average recommendation of “Buy” by the seven analysts that are covering the stock, Marketbeat Ratings reports. Six equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokerages that have covered the stock in the last year is $79.20.

A number of brokerages have commented on TECX. Wells Fargo & Company reduced their price objective on Tectonic Therapeutic from $112.00 to $101.00 and set an “overweight” rating on the stock in a research note on Friday, March 21st. Mizuho increased their price objective on shares of Tectonic Therapeutic from $51.00 to $85.00 and gave the company an “outperform” rating in a research report on Thursday, May 15th.

Tectonic Therapeutic Stock Up 4.9%

Tectonic Therapeutic stock opened at $24.56 on Wednesday. Tectonic Therapeutic has a 52-week low of $13.70 and a 52-week high of $61.07. The firm has a fifty day moving average of $19.46 and a 200-day moving average of $33.38. The firm has a market capitalization of $458.61 million, a P/E ratio of -4.17 and a beta of 3.44.

Tectonic Therapeutic (NASDAQ:TECX) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.93) EPS for the quarter, topping analysts’ consensus estimates of ($1.10) by $0.17. On average, research analysts expect that Tectonic Therapeutic will post -8.31 EPS for the current fiscal year.

Insider Activity at Tectonic Therapeutic

In other news, Director Timothy A. Springer purchased 3,718 shares of the company’s stock in a transaction that occurred on Wednesday, April 9th. The shares were acquired at an average cost of $14.76 per share, with a total value of $54,877.68. Following the transaction, the director now owns 4,317,276 shares in the company, valued at approximately $63,722,993.76. The trade was a 0.09% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have purchased 100,696 shares of company stock valued at $1,705,714 over the last ninety days. Corporate insiders own 38.00% of the company’s stock.

Hedge Funds Weigh In On Tectonic Therapeutic

Hedge funds and other institutional investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. grew its stake in Tectonic Therapeutic by 5,554.5% during the 4th quarter. JPMorgan Chase & Co. now owns 1,244 shares of the company’s stock worth $57,000 after buying an additional 1,222 shares during the last quarter. Virtus ETF Advisers LLC bought a new position in shares of Tectonic Therapeutic during the fourth quarter worth about $71,000. China Universal Asset Management Co. Ltd. acquired a new stake in shares of Tectonic Therapeutic in the 4th quarter worth about $144,000. American Century Companies Inc. acquired a new position in Tectonic Therapeutic during the 1st quarter valued at about $214,000. Finally, Charles Schwab Investment Management Inc. bought a new position in Tectonic Therapeutic in the 4th quarter worth about $218,000. 62.63% of the stock is currently owned by institutional investors and hedge funds.

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.