Brokerages Set Tectonic Therapeutic (NASDAQ:TECX) Target Price at $77.75

Shares of Tectonic Therapeutic (NASDAQ:TECX) have earned an average rating of “Buy” from the six brokerages that are covering the firm, Marketbeat reports. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $77.75.

Separately, Wells Fargo & Company decreased their price objective on shares of Tectonic Therapeutic from $112.00 to $101.00 and set an “overweight” rating for the company in a research report on Friday, March 21st.

Tectonic Therapeutic Stock Performance

Shares of NASDAQ TECX opened at $18.65 on Tuesday. The stock has a market capitalization of $348.06 million, a PE ratio of -3.17 and a beta of 2.71. Tectonic Therapeutic has a 52 week low of $15.00 and a 52 week high of $61.07. The stock has a 50 day moving average price of $30.82 and a 200 day moving average price of $36.53.

Tectonic Therapeutic (NASDAQ:TECX) last released its quarterly earnings data on Thursday, March 20th. The company reported ($0.84) EPS for the quarter, beating the consensus estimate of ($1.39) by $0.55. As a group, research analysts forecast that Tectonic Therapeutic will post -8.31 EPS for the current year.

Insider Buying and Selling at Tectonic Therapeutic

In other news, Director Timothy A. Springer bought 129,294 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The shares were bought at an average price of $54.14 per share, with a total value of $6,999,977.16. Following the completion of the transaction, the director now owns 4,226,058 shares of the company’s stock, valued at $228,798,780.12. This trade represents a 3.16 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Daniel Lochner bought 4,617 shares of the stock in a transaction dated Wednesday, February 5th. The shares were purchased at an average price of $54.14 per share, for a total transaction of $249,964.38. Following the purchase, 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 position. The disclosure for this purchase can be found here. Corporate insiders own 9.20% of the company’s stock.

Institutional Investors Weigh In On Tectonic Therapeutic

A number of institutional investors have recently modified their holdings of TECX. JPMorgan Chase & Co. raised its stake in Tectonic Therapeutic by 5,554.5% in the 4th quarter. JPMorgan Chase & Co. now owns 1,244 shares of the company’s stock worth $57,000 after purchasing an additional 1,222 shares in the last quarter. Virtus ETF Advisers LLC bought a new position in shares of Tectonic Therapeutic during the fourth quarter worth approximately $71,000. China Universal Asset Management Co. Ltd. acquired a new stake in shares of Tectonic Therapeutic in the fourth quarter valued at approximately $144,000. Charles Schwab Investment Management Inc. bought a new stake in shares of Tectonic Therapeutic in the fourth quarter valued at approximately $218,000. Finally, Raymond James Financial Inc. bought a new stake in shares of Tectonic Therapeutic in the fourth quarter valued at approximately $228,000. Institutional investors 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.