Tectonic Therapeutic (NASDAQ:TECX) Sees Significant Increase in Short Interest

Tectonic Therapeutic (NASDAQ:TECX) was the target of a significant growth in short interest during the month of March. As of March 31st, there was short interest totalling 1,100,000 shares, a growth of 24.7% from the March 15th total of 882,400 shares. Based on an average trading volume of 350,300 shares, the short-interest ratio is currently 3.1 days. Currently, 10.3% of the shares of the company are sold short.

Tectonic Therapeutic Stock Up 5.3 %

TECX opened at $17.92 on Tuesday. The firm has a market cap of $334.44 million, a PE ratio of -3.04 and a beta of 2.87. The business has a fifty day simple moving average of $22.13 and a 200-day simple moving average of $35.60. Tectonic Therapeutic has a fifty-two week low of $13.70 and a fifty-two week high of $61.07.

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

Analyst Ratings Changes

A number of equities research analysts have weighed in on TECX shares. Wells Fargo & Company cut their target price on Tectonic Therapeutic from $112.00 to $101.00 and set an “overweight” rating for the company in a research report on Friday, March 21st. Mizuho started coverage on Tectonic Therapeutic in a report on Monday. They issued an “outperform” rating and a $51.00 price objective for the company. Six 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 $72.40.

Insider Transactions at Tectonic Therapeutic

In related news, CFO Daniel Lochner acquired 4,617 shares of Tectonic Therapeutic stock in a transaction that occurred on Wednesday, February 5th. The stock was acquired at an average price of $54.14 per share, with a total value of $249,964.38. Following the completion of the acquisition, the chief financial officer now directly owns 4,617 shares of the company’s stock, valued at $249,964.38. This trade represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Timothy A. Springer bought 9,478 shares of the stock in a transaction on Friday, April 11th. The shares were bought at an average cost of $16.31 per share, for a total transaction of $154,586.18. Following the purchase, the director now owns 4,334,846 shares in the company, valued at $70,701,338.26. This trade represents a 0.22 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders bought 234,607 shares of company stock worth $8,955,655. Insiders own 9.20% of the company’s stock.

Institutional Investors Weigh In On Tectonic Therapeutic

A number of large investors have recently made changes to their positions in TECX. Farallon Capital Management LLC grew its position in Tectonic Therapeutic by 37.0% during the 4th quarter. Farallon Capital Management LLC now owns 713,050 shares of the company’s stock worth $32,922,000 after purchasing an additional 192,653 shares in the last quarter. Paradigm Biocapital Advisors LP purchased a new position in shares of Tectonic Therapeutic during the fourth quarter valued at $22,397,000. Balyasny Asset Management L.P. raised its position in Tectonic Therapeutic by 36.9% during the fourth quarter. Balyasny Asset Management L.P. now owns 247,000 shares of the company’s stock valued at $11,404,000 after buying an additional 66,527 shares during the period. Susquehanna International Group LLP lifted its stake in Tectonic Therapeutic by 165.2% in the 4th quarter. Susquehanna International Group LLP now owns 166,452 shares of the company’s stock worth $7,685,000 after acquiring an additional 103,698 shares in the last quarter. Finally, Woodline Partners LP boosted its position in Tectonic Therapeutic by 98.8% during the 4th quarter. Woodline Partners LP now owns 130,109 shares of the company’s stock worth $6,007,000 after acquiring an additional 64,661 shares during the period. Institutional investors and hedge funds 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.