Tectonic Therapeutic (NASDAQ:TECX) Given Consensus Recommendation of “Buy” by Brokerages

Tectonic Therapeutic (NASDAQ:TECX) has been given a consensus recommendation of “Buy” by the six brokerages that are covering the company, MarketBeat Ratings reports. Five equities research analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among analysts that have covered the stock in the last year is $80.50.

A number of equities research analysts recently commented on TECX shares. Leerink Partners lifted their price objective on Tectonic Therapeutic from $49.00 to $69.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Wells Fargo & Company boosted their target price on Tectonic Therapeutic from $79.00 to $112.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Finally, Raymond James initiated coverage on Tectonic Therapeutic in a research note on Wednesday, November 20th. They issued an “outperform” rating and a $65.00 target price for the company.

Tectonic Therapeutic Stock Down 1.2 %

Shares of Tectonic Therapeutic stock opened at $23.13 on Friday. Tectonic Therapeutic has a 12 month low of $13.80 and a 12 month high of $61.07. The business has a fifty day simple moving average of $38.96 and a 200 day simple moving average of $36.16. The stock has a market cap of $341.24 million, a PE ratio of -3.93 and a beta of 2.62.

Insider Buying and Selling at Tectonic Therapeutic

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Walleye Capital LLC boosted its position in shares of Tectonic Therapeutic by 0.8% during the fourth 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 boosted its position in shares of Tectonic Therapeutic by 0.9% during the fourth 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. boosted its position in shares of Tectonic Therapeutic by 5,554.5% during the fourth 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 position in shares of Tectonic Therapeutic during the third quarter worth about $45,000. Finally, Virtus ETF Advisers LLC acquired a new position in shares of Tectonic Therapeutic during the fourth quarter worth about $71,000. 62.63% of the stock is 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.