Tectonic Therapeutic (NASDAQ:TECX) Research Coverage Started at Raymond James

Raymond James started coverage on shares of Tectonic Therapeutic (NASDAQ:TECX) in a research report released on Wednesday morning, Marketbeat Ratings reports. The firm issued an outperform rating and a $76.00 target price on the stock.

Other analysts have also recently issued research reports about the company. Wells Fargo & Company cut their target price on Tectonic Therapeutic from $112.00 to $101.00 and set an “overweight” rating on the stock in a research report on Friday, March 21st. Lifesci Capital started coverage on shares of Tectonic Therapeutic in a research note on Friday, June 6th. They set an “outperform” rating and a $87.00 price target on the stock. Finally, Mizuho lifted their price target on shares of Tectonic Therapeutic from $51.00 to $85.00 and gave the company an “outperform” rating in a report on Thursday, May 15th. Six investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $82.33.

Tectonic Therapeutic Trading Down 2.5%

Shares of TECX opened at $21.89 on Wednesday. The stock’s 50 day moving average is $20.58 and its two-hundred day moving average is $30.74. Tectonic Therapeutic has a 12 month low of $13.70 and a 12 month high of $61.07. The firm has a market cap of $408.75 million, a P/E ratio of -3.72 and a beta of 3.25.

Tectonic Therapeutic (NASDAQ:TECX) last posted its earnings results on Thursday, May 8th. The company reported ($0.93) earnings per share for the quarter, beating the consensus estimate of ($1.10) by $0.17. Equities research analysts forecast that Tectonic Therapeutic will post -8.31 EPS for the current year.

Insider Buying and Selling at Tectonic Therapeutic

In other news, Director Timothy A. Springer acquired 87,500 shares of Tectonic Therapeutic stock in a transaction dated Monday, April 7th. The stock was acquired at an average cost of $17.10 per share, for a total transaction of $1,496,250.00. Following the completion of the purchase, the director now owns 4,313,558 shares of the company’s stock, valued at $73,761,841.80. This represents a 2.07% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Insiders have bought a total of 100,696 shares of company stock valued at $1,705,714 in the last three months. 38.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Tectonic Therapeutic

Hedge funds have recently made changes to their positions in the business. EcoR1 Capital LLC increased its holdings in shares of Tectonic Therapeutic by 10.1% in the first quarter. EcoR1 Capital LLC now owns 935,121 shares of the company’s stock valued at $16,561,000 after purchasing an additional 85,978 shares in the last quarter. Farallon Capital Management LLC lifted its position in shares of Tectonic Therapeutic by 37.0% in the fourth quarter. Farallon Capital Management LLC now owns 713,050 shares of the company’s stock worth $32,922,000 after purchasing an additional 192,653 shares in the last quarter. Paradigm Biocapital Advisors LP bought a new stake in Tectonic Therapeutic during the fourth quarter worth about $22,397,000. Woodline Partners LP raised its stake in Tectonic Therapeutic by 132.3% in the first quarter. Woodline Partners LP now owns 302,215 shares of the company’s stock valued at $5,352,000 after buying an additional 172,106 shares during the period. Finally, Balyasny Asset Management L.P. raised its position in shares of Tectonic Therapeutic by 36.9% in the fourth quarter. Balyasny Asset Management L.P. now owns 247,000 shares of the company’s stock valued at $11,404,000 after purchasing an additional 66,527 shares during the period. Institutional investors and hedge funds 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.