Tectonic Therapeutic (NASDAQ:TECX) Receives Consensus Recommendation of “Buy” from Brokerages

Shares of Tectonic Therapeutic (NASDAQ:TECX) have received an average rating of “Buy” from the six brokerages that are currently covering the stock, Marketbeat.com reports. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $80.50.

TECX has been the topic of several analyst reports. Leerink Partners increased their target price on Tectonic Therapeutic from $49.00 to $69.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Raymond James assumed coverage on Tectonic Therapeutic in a report on Wednesday, November 20th. They set an “outperform” rating and a $65.00 price target on the stock. Finally, Wells Fargo & Company raised their price target on Tectonic Therapeutic from $79.00 to $112.00 and gave the company an “overweight” rating in a report on Friday, January 31st.

Tectonic Therapeutic Price Performance

Shares of NASDAQ TECX opened at $25.57 on Friday. Tectonic Therapeutic has a 1-year low of $13.80 and a 1-year high of $61.07. The business’s fifty day moving average price is $40.44 and its two-hundred day moving average price is $35.73. The firm has a market capitalization of $377.23 million, a PE ratio of -4.34 and a beta of 2.62.

Insider Buying and Selling

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

Institutional Trading of Tectonic Therapeutic

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Walleye Capital LLC raised its holdings in Tectonic Therapeutic by 0.8% during the 4th quarter. Walleye Capital LLC now owns 73,517 shares of the company’s stock worth $3,394,000 after buying an additional 555 shares during the period. Geode Capital Management LLC raised its holdings in Tectonic Therapeutic by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 77,584 shares of the company’s stock worth $3,584,000 after buying an additional 705 shares during the period. JPMorgan Chase & Co. raised its holdings in Tectonic Therapeutic by 5,554.5% during the 4th quarter. JPMorgan Chase & Co. now owns 1,244 shares of the company’s stock worth $57,000 after buying an additional 1,222 shares during the period. Nordwand Advisors LLC acquired a new stake in Tectonic Therapeutic during the 3rd quarter worth about $45,000. Finally, Virtus ETF Advisers LLC acquired a new stake in Tectonic Therapeutic during the 4th quarter worth about $71,000. Institutional investors and hedge funds own 62.63% of the company’s stock.

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.