Tectonic Therapeutic (NASDAQ:TECX) Shares Gap Up After Insider Buying Activity

Tectonic Therapeutic (NASDAQ:TECX) gapped up prior to trading on Monday after an insider bought additional shares in the company. The stock had previously closed at $36.45, but opened at $39.98. Tectonic Therapeutic shares last traded at $38.72, with a volume of 45,380 shares trading hands.

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

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Raymond James began coverage on shares of Tectonic Therapeutic in a research report on Wednesday, November 20th. They issued an “outperform” rating and a $65.00 price target for the company. Wells Fargo & Company lifted their price objective on shares of Tectonic Therapeutic from $79.00 to $112.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Finally, Leerink Partners lifted their price objective on shares of Tectonic Therapeutic from $49.00 to $69.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $80.50.

Tectonic Therapeutic Stock Up 2.1 %

The business’s 50 day moving average is $45.25 and its 200-day moving average is $34.63. The firm has a market capitalization of $548.85 million, a P/E ratio of -6.43 and a beta of 2.62.

Tectonic Therapeutic (NASDAQ:TECX) last posted its earnings results on Thursday, November 7th. The company reported ($1.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.36). Research analysts forecast that Tectonic Therapeutic will post -8.31 EPS for the current fiscal year.

Institutional Trading of Tectonic Therapeutic

A number of hedge funds and other institutional investors have recently modified their holdings of TECX. Nordwand Advisors LLC bought a new stake in shares of Tectonic Therapeutic during the third quarter worth $45,000. China Universal Asset Management Co. Ltd. acquired a new position in shares of Tectonic Therapeutic during the fourth quarter worth $144,000. Charles Schwab Investment Management Inc. acquired a new position in shares of Tectonic Therapeutic during the fourth quarter worth $218,000. Raymond James Financial Inc. acquired a new position in shares of Tectonic Therapeutic during the fourth quarter worth $228,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Tectonic Therapeutic during the third quarter worth $233,000. Institutional investors own 62.63% of the company’s stock.

About Tectonic Therapeutic

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.