Tectonic Therapeutic (NASDAQ:TECX) Cut to “Strong Sell” at Wall Street Zen

Wall Street Zen downgraded shares of Tectonic Therapeutic (NASDAQ:TECX) from a sell rating to a strong sell rating in a research report released on Sunday morning,Wall Street Zen reports.

Several other equities analysts have also weighed in on TECX. UBS Group assumed coverage on shares of Tectonic Therapeutic in a research report on Sunday, October 11th. They set a “neutral” rating and a $26.00 price objective for the company. Wells Fargo & Company dropped their target price on shares of Tectonic Therapeutic from $101.00 to $93.00 and set an “overweight” rating on the stock in a report on Friday, August 7th. Zacks Research upgraded shares of Tectonic Therapeutic from a “strong sell” rating to a “hold” rating in a report on Tuesday, August 18th. Oppenheimer reissued an “outperform” rating and set a $80.00 target price on shares of Tectonic Therapeutic in a research note on Wednesday, September 30th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Tectonic Therapeutic in a research report on Thursday, October 15th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $69.17.

Tectonic Therapeutic Stock Up 3.2%

Shares of TECX stock opened at $21.83 on Friday. The stock has a 50-day simple moving average of $28.33 and a 200 day simple moving average of $29.61. Tectonic Therapeutic has a fifty-two week low of $15.52 and a fifty-two week high of $39.53. The stock has a market capitalization of $426.78 million, a P/E ratio of -4.78 and a beta of 3.28.

Tectonic Therapeutic (NASDAQ:TECX) last released its earnings results on Thursday, August 6th. The company reported ($1.18) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.35) by $0.17. On average, sell-side analysts anticipate that Tectonic Therapeutic will post -5.27 earnings per share for the current year.

Institutional Trading of Tectonic Therapeutic

A number of institutional investors and hedge funds have recently made changes to their positions in TECX. AlphaCentric Advisors LLC grew its stake in shares of Tectonic Therapeutic by 5.8% in the first quarter. AlphaCentric Advisors LLC now owns 6,849 shares of the company’s stock worth $212,000 after acquiring an additional 373 shares during the last quarter. Legal & General Group Plc bought a new stake in Tectonic Therapeutic in the second quarter valued at about $34,000. Quantbot Technologies LP bought a new stake in Tectonic Therapeutic in the second quarter valued at about $63,000. Wellington Management Group LLP increased its stake in Tectonic Therapeutic by 7.5% in the second quarter. Wellington Management Group LLP now owns 31,432 shares of the company’s stock valued at $1,080,000 after acquiring an additional 2,192 shares during the period. Finally, Bank of America Corp DE raised its position in Tectonic Therapeutic by 24.3% in the first quarter. Bank of America Corp DE now owns 11,466 shares of the company’s stock worth $354,000 after purchasing an additional 2,241 shares in the last quarter. Institutional investors and hedge funds own 62.63% of the company’s stock.

About Tectonic Therapeutic

Tectonic Therapeutic, Inc (NASDAQ: TECX) is a clinical-stage biotechnology company developing biologic medicines that target G protein-coupled receptors (GPCRs). These receptors play important roles in numerous biological processes and are established targets for a range of therapeutic treatments, but many remain difficult to address with conventional drug-discovery approaches.

The company uses its proprietary GEODe platform to identify and develop antibodies and other biologic molecules designed to modulate GPCR activity.