Tectonic Therapeutic (NASDAQ:TECX) Director Buys $6,999,977.16 in Stock

Tectonic Therapeutic (NASDAQ:TECX) Director Timothy A. Springer purchased 129,294 shares of the stock in a transaction on Wednesday, February 5th. The shares were acquired at an average price of $54.14 per share, for a total transaction of $6,999,977.16. Following the transaction, the director now directly owns 4,226,058 shares of the company’s stock, valued at $228,798,780.12. This represents a 3.16 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Tectonic Therapeutic Stock Performance

NASDAQ TECX opened at $36.45 on Monday. The business has a fifty day moving average price of $45.25 and a 200 day moving average price of $34.63. The company has a market cap of $537.64 million, a P/E ratio of -6.19 and a beta of 2.62. Tectonic Therapeutic has a one year low of $13.80 and a one year high of $61.07.

Tectonic Therapeutic (NASDAQ:TECX) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($1.20) earnings per share for the quarter, missing the consensus estimate of ($0.84) by ($0.36). As a group, sell-side analysts predict that Tectonic Therapeutic will post -8.31 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on TECX. Raymond James initiated coverage on Tectonic Therapeutic in a research report on Wednesday, November 20th. They set an “outperform” rating and a $65.00 target price on the stock. Wells Fargo & Company increased their price objective on shares of Tectonic Therapeutic from $79.00 to $112.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Finally, Leerink Partners boosted their target price on shares of Tectonic Therapeutic from $49.00 to $69.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $80.50.

Institutional Trading of Tectonic Therapeutic

A number of hedge funds have recently bought and sold shares of the business. FMR LLC grew its position in shares of Tectonic Therapeutic by 13.2% in the third quarter. FMR LLC now owns 1,220,138 shares of the company’s stock valued at $36,970,000 after purchasing an additional 142,600 shares in the last quarter. Geode Capital Management LLC boosted its stake in Tectonic Therapeutic by 147.7% during the third quarter. Geode Capital Management LLC now owns 76,879 shares of the company’s stock worth $2,331,000 after buying an additional 45,846 shares during the last quarter. Walleye Capital LLC grew its holdings in Tectonic Therapeutic by 204.2% in the 3rd quarter. Walleye Capital LLC now owns 72,962 shares of the company’s stock valued at $2,211,000 after buying an additional 48,978 shares in the last quarter. Clarius Group LLC acquired a new stake in shares of Tectonic Therapeutic in the 4th quarter worth $468,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Tectonic Therapeutic during the 3rd quarter worth $233,000. 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.