Tectonic Therapeutic (NASDAQ:TECX) Stock Price Down 5.8% – Time to Sell?

Tectonic Therapeutic, Inc. (NASDAQ:TECX) dropped 5.8% during mid-day trading on Monday . The company traded as low as $35.79 and last traded at $35.73. Approximately 136,417 shares were traded during mid-day trading, a decline of 52% from the average session volume of 285,415 shares. The stock had previously closed at $37.93.

Wall Street Analyst Weigh In

TECX has been the subject of a number of research analyst reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Tectonic Therapeutic in a research note on Tuesday, April 21st. Stifel Nicolaus started coverage on shares of Tectonic Therapeutic in a research note on Monday, April 13th. They set a “buy” rating and a $75.00 target price on the stock. Raymond James Financial raised Tectonic Therapeutic from an “outperform” rating to a “strong-buy” rating and increased their price target for the stock from $76.00 to $81.00 in a research note on Tuesday, May 26th. Finally, Wall Street Zen cut Tectonic Therapeutic from a “sell” rating to a “strong sell” rating in a research report on Saturday, April 18th. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $79.40.

Tectonic Therapeutic Trading Down 5.2%

The firm has a market capitalization of $678.47 million, a P/E ratio of -8.08 and a beta of 3.21. The stock’s 50-day simple moving average is $29.69 and its 200-day simple moving average is $26.54.

Tectonic Therapeutic (NASDAQ:TECX) last released its quarterly earnings data on Thursday, May 7th. The company reported ($1.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.18). On average, equities research analysts expect that Tectonic Therapeutic, Inc. will post -5.46 EPS for the current year.

Insider Buying and Selling at Tectonic Therapeutic

In other news, insider Marcella K. Ruddy sold 1,065 shares of the company’s stock in a transaction dated Monday, May 4th. The stock was sold at an average price of $30.00, for a total transaction of $31,950.00. Following the completion of the transaction, the insider directly owned 67,682 shares of the company’s stock, valued at approximately $2,030,460. This represents a 1.55% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 39.80% of the company’s stock.

Hedge Funds Weigh In On Tectonic Therapeutic

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd increased its holdings in Tectonic Therapeutic by 451.6% in the third quarter. Caitong International Asset Management Co. Ltd now owns 3,966 shares of the company’s stock valued at $62,000 after buying an additional 3,247 shares in the last quarter. New York State Common Retirement Fund purchased a new position in Tectonic Therapeutic during the second quarter valued at $99,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new stake in Tectonic Therapeutic during the second quarter worth approximately $119,000. JPMorgan Chase & Co. grew its stake in shares of Tectonic Therapeutic by 483.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 6,548 shares of the company’s stock worth $130,000 after purchasing an additional 5,426 shares during the period. Finally, Los Angeles Capital Management LLC acquired a new stake in shares of Tectonic Therapeutic in the 4th quarter valued at $134,000. Hedge funds and other institutional investors own 62.63% of the company’s stock.

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.