Raymond James Financial Inc. Takes Position in Tectonic Therapeutic (NASDAQ:TECX)

Raymond James Financial Inc. bought a new position in Tectonic Therapeutic (NASDAQ:TECX) in the fourth quarter, according to the company in its most recent filing with the SEC. The fund bought 4,939 shares of the company’s stock, valued at approximately $228,000.

Other large investors have also recently modified their holdings of the company. China Universal Asset Management Co. Ltd. purchased a new position in Tectonic Therapeutic during the fourth quarter worth $144,000. Charles Schwab Investment Management Inc. bought a new stake in shares of Tectonic Therapeutic in the 4th quarter worth about $218,000. Clarius Group LLC bought a new stake in shares of Tectonic Therapeutic in the 4th quarter worth about $468,000. Exome Asset Management LLC boosted its stake in shares of Tectonic Therapeutic by 12.2% during the 3rd quarter. Exome Asset Management LLC now owns 36,344 shares of the company’s stock worth $1,101,000 after purchasing an additional 3,955 shares during the period. Finally, Geode Capital Management LLC raised its position in Tectonic Therapeutic by 147.7% in the 3rd quarter. Geode Capital Management LLC now owns 76,879 shares of the company’s stock worth $2,331,000 after purchasing an additional 45,846 shares during the period. Institutional investors own 62.63% of the company’s stock.

Tectonic Therapeutic Price Performance

TECX stock opened at $16.16 on Friday. Tectonic Therapeutic has a 12 month low of $13.70 and a 12 month high of $61.07. The firm’s 50-day moving average is $24.50 and its 200 day moving average is $36.09. The company has a market capitalization of $301.59 million, a PE ratio of -2.74 and a beta of 2.87.

Tectonic Therapeutic (NASDAQ:TECX) last issued its earnings results on Thursday, March 20th. The company reported ($0.84) EPS for the quarter, topping analysts’ consensus estimates of ($1.39) by $0.55. Sell-side analysts forecast that Tectonic Therapeutic will post -8.31 EPS for the current fiscal year.

Insider Buying and Selling at Tectonic Therapeutic

In other Tectonic Therapeutic news, CFO Daniel Lochner acquired 4,617 shares of the stock in a transaction that occurred on Wednesday, February 5th. The stock was bought at an average cost of $54.14 per share, with a total value of $249,964.38. Following the completion of the purchase, the chief financial officer now directly owns 4,617 shares in the company, valued at $249,964.38. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Timothy A. Springer bought 129,294 shares of the business’s stock in a transaction on Wednesday, February 5th. The shares were acquired at an average cost of $54.14 per share, for a total transaction of $6,999,977.16. Following the transaction, the director now directly owns 4,226,058 shares in the company, valued at approximately $228,798,780.12. This trade represents a 3.16 % increase in their position. The disclosure for this purchase can be found here. Insiders bought a total of 234,607 shares of company stock valued at $8,955,655 in the last ninety days. Corporate insiders own 9.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Wells Fargo & Company cut their target price on Tectonic Therapeutic from $112.00 to $101.00 and set an “overweight” rating on the stock in a research note on Friday, March 21st. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $77.75.

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.