Tectonic Therapeutic (NASDAQ:TECX) Receives $72.40 Average Target Price from Analysts

Shares of Tectonic Therapeutic (NASDAQ:TECX) have received a consensus recommendation of “Buy” from the seven brokerages that are currently covering the company, Marketbeat reports. Six research analysts have rated the stock with a buy rating and one has assigned 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 $79.20.

TECX has been the topic of several research reports. Mizuho boosted their price target on shares of Tectonic Therapeutic from $51.00 to $85.00 and gave the stock an “outperform” rating in a research report on Thursday. Wells Fargo & Company reduced their price target on shares of Tectonic Therapeutic from $112.00 to $101.00 and set an “overweight” rating on the stock in a research report on Friday, March 21st.

Insider Activity at Tectonic Therapeutic

In related news, Director Timothy A. Springer bought 87,500 shares of the company’s stock in a transaction on Monday, April 7th. The shares were acquired at an average cost of $17.10 per share, for a total transaction of $1,496,250.00. Following the purchase, the director now directly owns 4,313,558 shares of the company’s stock, valued at approximately $73,761,841.80. The trade was a 2.07% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last ninety days, insiders have bought 100,696 shares of company stock worth $1,705,714. Insiders own 38.00% of the company’s stock.

Hedge Funds Weigh In On Tectonic Therapeutic

A number of hedge funds have recently added to or reduced their stakes in TECX. JPMorgan Chase & Co. lifted its position in shares of Tectonic Therapeutic by 5,554.5% in the 4th quarter. JPMorgan Chase & Co. now owns 1,244 shares of the company’s stock worth $57,000 after purchasing an additional 1,222 shares during the period. Virtus ETF Advisers LLC purchased a new stake in shares of Tectonic Therapeutic in the 4th quarter worth approximately $71,000. China Universal Asset Management Co. Ltd. purchased a new stake in shares of Tectonic Therapeutic in the 4th quarter worth approximately $144,000. Charles Schwab Investment Management Inc. purchased a new stake in shares of Tectonic Therapeutic in the 4th quarter worth approximately $218,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of Tectonic Therapeutic in the 4th quarter worth approximately $228,000. 62.63% of the stock is currently owned by institutional investors.

Tectonic Therapeutic Trading Up 1.4%

TECX opened at $20.99 on Wednesday. The company has a market cap of $391.95 million, a price-to-earnings ratio of -3.56 and a beta of 3.44. The company’s 50 day moving average is $19.46 and its 200 day moving average is $33.66. Tectonic Therapeutic has a 12-month low of $13.70 and a 12-month high of $61.07.

Tectonic Therapeutic (NASDAQ:TECX) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.93) earnings per share for the quarter, beating the consensus estimate of ($1.10) by $0.17. As a group, analysts predict that Tectonic Therapeutic will post -8.31 EPS for the current fiscal 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.