Wall Street Zen Upgrades Tectonic Therapeutic (NASDAQ:TECX) to Sell

Tectonic Therapeutic (NASDAQ:TECX) was upgraded by equities research analysts at Wall Street Zen from a “strong sell” rating to a “sell” rating in a note issued to investors on Saturday, Wall Street Zen reports.

Several other equities analysts have also recently issued reports on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Tectonic Therapeutic in a research report on Friday, July 17th. Wells Fargo & Company reduced their price objective on Tectonic Therapeutic from $101.00 to $93.00 and set an “overweight” rating for the company in a research note on Friday, August 7th. TD Cowen reaffirmed a “buy” rating on shares of Tectonic Therapeutic in a research report on Wednesday, September 30th. Oppenheimer reiterated an “outperform” rating and issued a $80.00 target price on shares of Tectonic Therapeutic in a research note on Wednesday, September 30th. Finally, Zacks Research upgraded Tectonic Therapeutic from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 18th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Tectonic Therapeutic has a consensus rating of “Moderate Buy” and an average price target of $69.17.

Tectonic Therapeutic Stock Performance

NASDAQ TECX opened at $23.33 on Friday. The firm’s fifty day moving average is $29.58 and its two-hundred day moving average is $30.05. Tectonic Therapeutic has a one year low of $15.45 and a one year high of $39.53. The firm has a market cap of $456.10 million, a PE ratio of -5.11 and a beta of 3.28.

Tectonic Therapeutic (NASDAQ:TECX) last announced its earnings results on Thursday, August 6th. The company reported ($1.18) earnings per share for the quarter, topping the consensus estimate of ($1.35) by $0.17. Research analysts predict that Tectonic Therapeutic will post -5.27 earnings per share for the current year.

Hedge Funds Weigh In On Tectonic Therapeutic

A number of large investors have recently bought and sold shares of TECX. BlackRock Inc. purchased a new position in Tectonic Therapeutic during the second quarter worth about $29,652,000. First Light Asset Management LLC lifted its position in Tectonic Therapeutic by 23.6% in the second quarter. First Light Asset Management LLC now owns 800,726 shares of the company’s stock valued at $27,525,000 after purchasing an additional 152,983 shares during the period. 5AM Venture Management LLC acquired a new stake in Tectonic Therapeutic in the second quarter valued at about $20,853,938. Baker BROS. Advisors LP lifted its position in 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 purchasing an additional 803,400 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Tectonic Therapeutic in the 2nd quarter valued at approximately $2,232,000. Hedge funds and other institutional investors own 62.63% of the company’s stock.

Tectonic Therapeutic Company Profile

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.