Tectonic Therapeutic (NASDAQ:TECX) Issues Earnings Results, Beats Estimates By $0.03 EPS

Tectonic Therapeutic (NASDAQ:TECX) issued its quarterly earnings data on Thursday. The company reported ($1.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.05) by $0.03, FiscalAI reports.

Tectonic Therapeutic Stock Up 15.5%

TECX traded up $2.55 during trading on Thursday, reaching $18.99. The stock had a trading volume of 1,295,005 shares, compared to its average volume of 687,126. The firm has a market capitalization of $355.30 million, a price-to-earnings ratio of -4.70 and a beta of 3.23. Tectonic Therapeutic has a 1-year low of $13.70 and a 1-year high of $61.07. The stock has a 50 day moving average of $17.01 and a two-hundred day moving average of $20.20.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on TECX. Truist Financial began coverage on Tectonic Therapeutic in a report on Monday, July 21st. They issued a “buy” rating and a $64.00 price objective for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Tectonic Therapeutic in a report on Wednesday, October 8th. Oppenheimer began coverage on Tectonic Therapeutic in a report on Wednesday, September 3rd. They issued an “outperform” rating and a $80.00 price objective for the company. Wall Street Zen lowered Tectonic Therapeutic from a “hold” rating to a “sell” rating in a report on Saturday, July 26th. Finally, Wells Fargo & Company began coverage on Tectonic Therapeutic in a report on Monday, October 20th. They issued an “overweight” rating and a $101.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $80.29.

Institutional Investors Weigh In On Tectonic Therapeutic

A number of institutional investors and hedge funds have recently modified their holdings of TECX. Millennium Management LLC lifted its position in shares of Tectonic Therapeutic by 726.4% during the 1st quarter. Millennium Management LLC now owns 237,938 shares of the company’s stock valued at $4,214,000 after acquiring an additional 209,145 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of Tectonic Therapeutic by 242.5% during the 2nd quarter. Geode Capital Management LLC now owns 272,257 shares of the company’s stock valued at $5,411,000 after acquiring an additional 192,770 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Tectonic Therapeutic by 331.1% during the 1st quarter. Goldman Sachs Group Inc. now owns 104,793 shares of the company’s stock valued at $1,856,000 after acquiring an additional 80,483 shares during the last quarter. Squarepoint Ops LLC lifted its position in shares of Tectonic Therapeutic by 61.4% during the 2nd quarter. Squarepoint Ops LLC now owns 85,369 shares of the company’s stock valued at $1,696,000 after acquiring an additional 32,472 shares during the last quarter. Finally, Jane Street Group LLC lifted its position in shares of Tectonic Therapeutic by 58.7% during the 1st quarter. Jane Street Group LLC now owns 47,145 shares of the company’s stock valued at $835,000 after acquiring an additional 17,443 shares during the last quarter. Institutional investors and hedge funds 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.