Brokerages Set Tectonic Therapeutic (NASDAQ:TECX) Price Target at $80.50

Tectonic Therapeutic (NASDAQ:TECX) has earned a consensus rating of “Buy” from the six brokerages that are covering the stock, MarketBeat.com reports. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $80.50.

A number of research analysts have issued reports on TECX shares. Raymond James assumed coverage on shares of Tectonic Therapeutic in a research note on Wednesday, November 20th. They set an “outperform” rating and a $65.00 target price for the company. Leerink Partners boosted their price objective on Tectonic Therapeutic from $49.00 to $69.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Finally, Wells Fargo & Company raised their target price on Tectonic Therapeutic from $79.00 to $112.00 and gave the company an “overweight” rating in a research report on Friday, January 31st.

Insider Transactions at Tectonic Therapeutic

In other news, Director Timothy A. Springer acquired 129,294 shares of the company’s stock in a transaction dated Wednesday, February 5th. The shares were bought at an average price of $54.14 per share, with a total value of $6,999,977.16. Following the purchase, the director now owns 4,226,058 shares of the company’s stock, valued at approximately $228,798,780.12. This represents a 3.16 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Daniel Lochner acquired 4,617 shares of the business’s stock in a transaction dated Wednesday, February 5th. The stock was purchased at an average price of $54.14 per share, with a total value of $249,964.38. Following the acquisition, the chief financial officer now owns 4,617 shares of the company’s stock, valued at approximately $249,964.38. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 9.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. FMR LLC boosted its position in shares of Tectonic Therapeutic by 13.2% during the 3rd quarter. FMR LLC now owns 1,220,138 shares of the company’s stock valued at $36,970,000 after purchasing an additional 142,600 shares in the last quarter. Vida Ventures Advisors LLC acquired a new stake in Tectonic Therapeutic during the third quarter valued at approximately $31,169,000. Ikarian Capital LLC boosted its holdings in Tectonic Therapeutic by 325.1% during the third quarter. Ikarian Capital LLC now owns 267,145 shares of the company’s stock worth $8,094,000 after buying an additional 204,309 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Tectonic Therapeutic by 147.7% during the third quarter. Geode Capital Management LLC now owns 76,879 shares of the company’s stock worth $2,331,000 after buying an additional 45,846 shares in the last quarter. Finally, Walleye Capital LLC increased its holdings in shares of Tectonic Therapeutic by 204.2% in the third quarter. Walleye Capital LLC now owns 72,962 shares of the company’s stock valued at $2,211,000 after buying an additional 48,978 shares in the last quarter. 62.63% of the stock is owned by institutional investors and hedge funds.

Tectonic Therapeutic Price Performance

Shares of TECX opened at $36.45 on Monday. Tectonic Therapeutic has a 12 month low of $13.80 and a 12 month high of $61.07. The stock has a fifty day moving average price of $45.25 and a 200 day moving average price of $34.63. The company has a market cap of $537.64 million, a P/E ratio of -6.19 and a beta of 2.62.

Tectonic Therapeutic (NASDAQ:TECX) last released its quarterly earnings results on Thursday, November 7th. The company reported ($1.20) EPS for the quarter, missing the consensus estimate of ($0.84) by ($0.36). As a group, research analysts anticipate that Tectonic Therapeutic will post -8.31 earnings per share for the current 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.