Tectonic Therapeutic (NASDAQ:TECX) Cut to Strong Sell at Zacks Research

Zacks Research cut shares of Tectonic Therapeutic (NASDAQ:TECX) from a hold rating to a strong sell rating in a research note published on Monday morning,Zacks.com reports.

Several other equities analysts have also recently commented on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Tectonic Therapeutic in a research report on Friday, July 17th. Wall Street Zen lowered Tectonic Therapeutic from a “sell” rating to a “strong sell” rating in a report on Saturday, April 18th. Raymond James Financial upgraded Tectonic Therapeutic from an “outperform” rating to a “strong-buy” rating and upped their price target for the stock from $76.00 to $81.00 in a report on Tuesday, May 26th. Finally, Stifel Nicolaus initiated coverage on Tectonic Therapeutic in a research note on Monday, April 13th. They issued a “buy” rating and a $75.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $79.40.

Tectonic Therapeutic Price Performance

Shares of Tectonic Therapeutic stock opened at $31.59 on Monday. The stock has a market capitalization of $596.10 million, a price-to-earnings ratio of -7.08 and a beta of 3.21. The business has a 50-day moving average of $31.13 and a 200 day moving average of $27.76. Tectonic Therapeutic has a 12 month low of $14.39 and a 12 month high of $39.53.

Tectonic Therapeutic (NASDAQ:TECX) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($1.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.16) by ($0.18). Equities research analysts anticipate that Tectonic Therapeutic will post -5.46 earnings per share for the current year.

Insider Buying and Selling at Tectonic Therapeutic

In other news, insider Marcella K. Ruddy sold 1,065 shares of the business’s stock in a transaction that occurred on Monday, May 4th. The shares were sold at an average price of $30.00, for a total transaction of $31,950.00. Following the completion of the sale, the insider owned 67,682 shares in the company, valued at approximately $2,030,460. The trade was a 1.55% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 39.80% of the company’s stock.

Institutional Investors Weigh In On Tectonic Therapeutic

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Aberdeen Group plc grew its stake in Tectonic Therapeutic by 220.6% during the 4th quarter. Aberdeen Group plc now owns 1,141,824 shares of the company’s stock worth $23,818,000 after buying an additional 785,648 shares during the last quarter. GSA Capital Partners LLP acquired a new position in Tectonic Therapeutic during the fourth quarter worth approximately $1,320,000. 5AM Venture Management LLC lifted its stake in Tectonic Therapeutic by 18.6% in the fourth quarter. 5AM Venture Management LLC now owns 606,660 shares of the company’s stock valued at $12,655,000 after buying an additional 95,000 shares during the last quarter. BIT Capital GmbH purchased a new stake in Tectonic Therapeutic in the fourth quarter valued at approximately $626,000. Finally, Baker BROS. Advisors LP boosted its holdings in shares of Tectonic Therapeutic by 803.4% in the fourth quarter. Baker BROS. Advisors LP now owns 903,400 shares of the company’s stock valued at $18,845,000 after acquiring an additional 803,400 shares during the period. 62.63% of the stock is currently owned by institutional investors and hedge funds.

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.