Tectonic Therapeutic (NASDAQ:TECX) Given Consensus Recommendation of “Buy” by Brokerages

Shares of Tectonic Therapeutic (NASDAQ:TECX) have earned an average recommendation of “Buy” from the six research firms that are presently covering the company, Marketbeat.com reports. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $77.75.

Separately, Wells Fargo & Company lowered their price objective on Tectonic Therapeutic from $112.00 to $101.00 and set an “overweight” rating on the stock in a research report on Friday.

Tectonic Therapeutic Trading Up 1.2 %

Shares of TECX stock opened at $21.40 on Tuesday. Tectonic Therapeutic has a 12 month low of $15.00 and a 12 month high of $61.07. The stock has a market cap of $315.71 million, a P/E ratio of -3.63 and a beta of 2.71. The company has a 50 day simple moving average of $32.51 and a two-hundred day simple moving average of $36.62.

Tectonic Therapeutic (NASDAQ:TECX) last posted its quarterly earnings data on Thursday, March 20th. The company reported ($0.84) EPS for the quarter, topping the consensus estimate of ($1.39) by $0.55. As a group, equities analysts forecast that Tectonic Therapeutic will post -8.31 earnings per share for the current year.

Insider Activity

In other news, CFO Daniel Lochner bought 4,617 shares of Tectonic Therapeutic stock in a transaction dated Wednesday, February 5th. The shares were acquired at an average price of $54.14 per share, with a total value of $249,964.38. Following the completion of the purchase, the chief financial officer now owns 4,617 shares in the company, valued at $249,964.38. The trade was a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Timothy A. Springer purchased 129,294 shares of the company’s stock in a transaction that occurred on Wednesday, February 5th. The shares were purchased 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 in the company, valued at $228,798,780.12. This trade represents a 3.16 % increase in their position. The disclosure for this purchase can be found here. Company insiders own 9.20% of the company’s stock.

Institutional Investors Weigh In On Tectonic Therapeutic

A number of institutional investors and hedge funds have recently modified their holdings of TECX. JPMorgan Chase & Co. increased its stake in 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 purchasing an additional 1,222 shares during the period. Virtus ETF Advisers LLC purchased a new position in Tectonic Therapeutic in the 4th quarter worth about $71,000. China Universal Asset Management Co. Ltd. purchased a new position in Tectonic Therapeutic in the 4th quarter worth about $144,000. Charles Schwab Investment Management Inc. bought a new stake in Tectonic Therapeutic during the 4th quarter valued at about $218,000. Finally, Raymond James Financial Inc. purchased a new stake in Tectonic Therapeutic in the 4th quarter valued at about $228,000. 62.63% of the stock is owned by institutional investors.

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.