First Light Asset Management LLC Makes New $20.02 Million Investment in Tectonic Therapeutic, Inc. $TECX

First Light Asset Management LLC purchased a new stake in shares of Tectonic Therapeutic, Inc. (NASDAQ:TECX) in the first quarter, HoldingsChannel.com reports. The fund purchased 647,743 shares of the company’s stock, valued at approximately $20,022,000. Tectonic Therapeutic comprises 1.8% of First Light Asset Management LLC’s investment portfolio, making the stock its 19th largest holding.

Other institutional investors have also modified their holdings of the company. Aberdeen Group plc increased its stake in Tectonic Therapeutic by 220.6% in the 4th quarter. Aberdeen Group plc now owns 1,141,824 shares of the company’s stock valued at $23,818,000 after purchasing an additional 785,648 shares in the last quarter. GSA Capital Partners LLP acquired a new stake in Tectonic Therapeutic in the fourth quarter valued at $1,320,000. 5AM Venture Management LLC grew its holdings in Tectonic Therapeutic by 18.6% in the fourth quarter. 5AM Venture Management LLC now owns 606,660 shares of the company’s stock valued at $12,655,000 after purchasing an additional 95,000 shares during the last quarter. Baker BROS. Advisors LP increased its position in shares of Tectonic Therapeutic by 803.4% in the fourth quarter. Baker BROS. Advisors LP now owns 903,400 shares of the company’s stock valued at $18,845,000 after buying an additional 803,400 shares in the last quarter. Finally, BIT Capital GmbH purchased a new position in shares of Tectonic Therapeutic in the fourth quarter valued at $626,000. Hedge funds and other institutional investors own 62.63% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on TECX. Raymond James Financial upgraded shares of Tectonic Therapeutic from an “outperform” rating to a “strong-buy” rating and boosted their price objective for the stock from $76.00 to $81.00 in a research report on Tuesday, May 26th. Stifel Nicolaus began coverage on Tectonic Therapeutic in a research report on Monday, April 13th. They issued a “buy” rating and a $75.00 price objective on the stock. Zacks Research lowered shares of Tectonic Therapeutic from a “hold” rating to a “strong sell” rating in a research report on Monday, July 20th. Wall Street Zen cut Tectonic Therapeutic from a “sell” rating to a “strong sell” rating in a report on Saturday, April 18th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Tectonic Therapeutic in a research report on Friday, July 17th. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $79.40.

Insider Buying and Selling at Tectonic Therapeutic

In related news, insider Marcella K. Ruddy sold 1,065 shares of the company’s stock in a transaction on Monday, May 4th. The shares were sold at an average price of $30.00, for a total transaction of $31,950.00. Following the completion of the sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 39.80% of the company’s stock.

Tectonic Therapeutic Price Performance

Shares of TECX stock opened at $30.37 on Monday. The stock has a market cap of $573.08 million, a price-to-earnings ratio of -6.81 and a beta of 3.21. Tectonic Therapeutic, Inc. has a fifty-two week low of $14.39 and a fifty-two week high of $39.53. The firm’s 50 day moving average price is $31.21 and its two-hundred day moving average price is $27.91.

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

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.