Tectonic Therapeutic, Inc. $TECX Shares Sold by Ally Bridge Group NY LLC

Ally Bridge Group NY LLC lowered its stake in shares of Tectonic Therapeutic, Inc. (NASDAQ:TECX) by 15.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 138,595 shares of the company’s stock after selling 25,088 shares during the quarter. Tectonic Therapeutic accounts for about 1.3% of Ally Bridge Group NY LLC’s portfolio, making the stock its 19th largest position. Ally Bridge Group NY LLC owned 0.74% of Tectonic Therapeutic worth $2,175,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of TECX. Aberdeen Group plc purchased a new position in Tectonic Therapeutic in the third quarter valued at $5,588,000. Knott David M Jr increased its holdings in Tectonic Therapeutic by 85.0% during the 2nd quarter. Knott David M Jr now owns 74,000 shares of the company’s stock worth $1,470,000 after purchasing an additional 34,000 shares during the period. Police & Firemen s Retirement System of New Jersey acquired a new stake in Tectonic Therapeutic in the 2nd quarter valued at about $52,000. Stempoint Capital LP acquired a new stake in Tectonic Therapeutic in the 2nd quarter valued at about $795,000. Finally, DLD Asset Management LP purchased a new position in shares of Tectonic Therapeutic in the 3rd quarter valued at about $235,000. 62.63% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Tectonic Therapeutic

In other news, insider Marcella K. Ruddy sold 10,000 shares of the firm’s stock in a transaction dated Friday, March 6th. The stock was sold at an average price of $30.00, for a total transaction of $300,000.00. Following the sale, the insider owned 69,747 shares of the company’s stock, valued at approximately $2,092,410. This trade represents a 12.54% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Peter Mcnamara sold 6,262 shares of the business’s stock in a transaction that occurred on Friday, March 6th. The stock was sold at an average price of $30.17, for a total value of $188,924.54. Following the sale, the insider owned 55,285 shares of the company’s stock, valued at approximately $1,667,948.45. The trade was a 10.17% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 19,561 shares of company stock valued at $566,551. Corporate insiders own 38.00% of the company’s stock.

Tectonic Therapeutic Price Performance

NASDAQ:TECX opened at $33.31 on Friday. Tectonic Therapeutic, Inc. has a 12 month low of $13.70 and a 12 month high of $36.03. The firm has a market capitalization of $625.56 million, a PE ratio of -8.22 and a beta of 3.76. The business’s fifty day moving average price is $23.08 and its 200 day moving average price is $20.08.

Tectonic Therapeutic (NASDAQ:TECX) last announced its quarterly earnings results on Thursday, February 26th. The company reported ($1.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.11) by $0.08. As a group, equities analysts anticipate that Tectonic Therapeutic, Inc. will post -8.31 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently commented on TECX shares. Lifesci Capital raised Tectonic Therapeutic to a “strong-buy” rating in a research report on Thursday, February 5th. Truist Financial reduced their target price on shares of Tectonic Therapeutic from $64.00 to $60.00 and set a “buy” rating on the stock in a report on Thursday, January 8th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Tectonic Therapeutic in a research note on Thursday, January 22nd. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $81.50.

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.