Paradigm Biocapital Advisors LP Makes New $22.40 Million Investment in Tectonic Therapeutic (NASDAQ:TECX)

Paradigm Biocapital Advisors LP purchased a new stake in Tectonic Therapeutic (NASDAQ:TECX) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 485,105 shares of the company’s stock, valued at approximately $22,397,000. Tectonic Therapeutic accounts for 0.8% of Paradigm Biocapital Advisors LP’s holdings, making the stock its 24th biggest position.

A number of other institutional investors and hedge funds also recently modified their holdings of TECX. Walleye Capital LLC boosted its position in shares of Tectonic Therapeutic by 0.8% in the fourth quarter. Walleye Capital LLC now owns 73,517 shares of the company’s stock worth $3,394,000 after acquiring an additional 555 shares during the last quarter. Geode Capital Management LLC raised its stake in Tectonic Therapeutic by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 77,584 shares of the company’s stock worth $3,584,000 after purchasing an additional 705 shares during the period. JPMorgan Chase & Co. boosted its holdings in shares of Tectonic Therapeutic by 5,554.5% in the 4th quarter. JPMorgan Chase & Co. now owns 1,244 shares of the company’s stock valued at $57,000 after purchasing an additional 1,222 shares during the last quarter. Virtus ETF Advisers LLC purchased a new stake in shares of Tectonic Therapeutic during the 4th quarter valued at $71,000. Finally, Schonfeld Strategic Advisors LLC increased its holdings in shares of Tectonic Therapeutic by 15.6% during the 4th quarter. Schonfeld Strategic Advisors LLC now owns 17,345 shares of the company’s stock worth $801,000 after buying an additional 2,345 shares during the last quarter. Institutional investors and hedge funds own 62.63% of the company’s stock.

Tectonic Therapeutic Price Performance

Shares of TECX opened at $20.19 on Wednesday. The stock has a market cap of $376.97 million, a PE ratio of -3.43 and a beta of 3.44. The stock’s 50-day moving average is $19.57 and its two-hundred day moving average is $34.03. Tectonic Therapeutic has a 12 month low of $13.70 and a 12 month high of $61.07.

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

Insider Transactions at Tectonic Therapeutic

In other Tectonic Therapeutic news, Director Timothy A. Springer bought 87,500 shares of the company’s stock in a transaction on Monday, April 7th. The shares were bought at an average cost of $17.10 per share, with a total value of $1,496,250.00. Following the completion of the acquisition, the director now owns 4,313,558 shares of the company’s stock, valued at approximately $73,761,841.80. This trade represents a 2.07% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Over the last 90 days, insiders have purchased 100,696 shares of company stock valued at $1,705,714. Insiders own 38.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on TECX shares. Mizuho started coverage on Tectonic Therapeutic in a research report on Monday, April 21st. They issued an “outperform” rating and a $51.00 target price on the stock. Wells Fargo & Company decreased their target price on Tectonic Therapeutic from $112.00 to $101.00 and set an “overweight” rating for the company in a report on Friday, March 21st. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Buy” and an average price target of $72.40.

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.