Paradigm Biocapital Advisors LP Takes $22.40 Million Position in Tectonic Therapeutic (NASDAQ:TECX)

Paradigm Biocapital Advisors LP purchased a new position in shares of Tectonic Therapeutic (NASDAQ:TECX) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 485,105 shares of the company’s stock, valued at approximately $22,397,000. Tectonic Therapeutic accounts for approximately 0.8% of Paradigm Biocapital Advisors LP’s investment portfolio, making the stock its 24th biggest position. Paradigm Biocapital Advisors LP owned 3.29% of Tectonic Therapeutic as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. JPMorgan Chase & Co. increased its stake in shares of Tectonic Therapeutic by 5,554.5% during 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 period. Virtus ETF Advisers LLC acquired a new stake in Tectonic Therapeutic in the fourth quarter valued at $71,000. China Universal Asset Management Co. Ltd. purchased a new stake in shares of Tectonic Therapeutic during the 4th quarter worth $144,000. Charles Schwab Investment Management Inc. acquired a new position in shares of Tectonic Therapeutic during the 4th quarter worth $218,000. Finally, Raymond James Financial Inc. acquired a new position in shares of Tectonic Therapeutic during the 4th quarter worth $228,000. 62.63% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Tectonic Therapeutic

In other news, Director Timothy A. Springer bought 3,718 shares of the firm’s stock in a transaction that occurred on Wednesday, April 9th. The shares were purchased at an average price of $14.76 per share, for a total transaction of $54,877.68. Following the completion of the transaction, the director now owns 4,317,276 shares in the company, valued at $63,722,993.76. The trade was a 0.09% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders bought a total of 100,696 shares of company stock worth $1,705,714 over the last ninety days. 38.00% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Mizuho initiated coverage on shares of Tectonic Therapeutic in a report on Monday, April 21st. They set an “outperform” rating and a $51.00 price objective on the stock. 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 research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $72.40.

Tectonic Therapeutic Stock Performance

TECX stock opened at $20.19 on Wednesday. The stock’s 50 day moving average price is $19.57 and its 200 day moving average price is $34.03. The firm has a market cap of $376.97 million, a P/E ratio of -3.43 and a beta of 3.44. Tectonic Therapeutic has a 1 year low of $13.70 and a 1 year high of $61.07.

Tectonic Therapeutic (NASDAQ:TECX) last posted 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 predict that Tectonic Therapeutic will post -8.31 earnings per share for the current year.

Tectonic Therapeutic 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.