Tectonic Therapeutic (NASDAQ:TECX) Coverage Initiated at Mizuho

Mizuho assumed coverage on shares of Tectonic Therapeutic (NASDAQ:TECX) in a report released on Monday, MarketBeat reports. The brokerage issued an outperform rating and a $51.00 price target on the stock.

Separately, Wells Fargo & Company lowered their price target on shares of Tectonic Therapeutic from $112.00 to $101.00 and set an “overweight” rating on the stock in a research report on Friday, March 21st. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $72.40.

Tectonic Therapeutic Stock Up 0.3 %

TECX opened at $19.54 on Monday. The company has a market cap of $364.68 million, a PE ratio of -3.32 and a beta of 2.87. Tectonic Therapeutic has a twelve month low of $13.70 and a twelve month high of $61.07. The company has a 50-day moving average price of $21.51 and a 200 day moving average price of $35.38.

Tectonic Therapeutic (NASDAQ:TECX) last announced its quarterly earnings data on Thursday, March 20th. The company reported ($0.84) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.39) by $0.55. As a group, sell-side analysts expect that Tectonic Therapeutic will post -8.31 earnings per share for the current year.

Insider Buying and Selling

In other Tectonic Therapeutic news, CFO Daniel Lochner acquired 4,617 shares of the stock in a transaction dated Wednesday, February 5th. The stock was 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. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Timothy A. Springer acquired 129,294 shares of the company’s stock in a transaction that occurred on Wednesday, February 5th. The stock was acquired at an average price of $54.14 per share, with a total value of $6,999,977.16. Following the acquisition, the director now directly owns 4,226,058 shares of the company’s stock, valued at approximately $228,798,780.12. This represents a 3.16 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders purchased 234,607 shares of company stock valued at $8,955,655. Company insiders own 9.20% of the company’s stock.

Hedge Funds Weigh In On Tectonic Therapeutic

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TECX. 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 valued at $57,000 after acquiring an additional 1,222 shares in the last quarter. Virtus ETF Advisers LLC purchased a new stake in Tectonic Therapeutic during the 4th quarter worth about $71,000. China Universal Asset Management Co. Ltd. acquired a new stake in Tectonic Therapeutic in the 4th quarter valued at about $144,000. Charles Schwab Investment Management Inc. purchased a new position in shares of Tectonic Therapeutic in the 4th quarter valued at about $218,000. Finally, Raymond James Financial Inc. acquired a new position in shares of Tectonic Therapeutic during the fourth quarter worth about $228,000. Hedge funds and other 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.