Raymond James Financial Inc. Buys New Position in Tectonic Therapeutic (NASDAQ:TECX)

Raymond James Financial Inc. purchased a new stake in Tectonic Therapeutic (NASDAQ:TECX) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 4,939 shares of the company’s stock, valued at approximately $228,000.

Several other institutional investors have also added to or reduced their stakes in the business. Charles Schwab Investment Management Inc. acquired a new position in shares of Tectonic Therapeutic during the fourth quarter valued at about $218,000. China Universal Asset Management Co. Ltd. purchased a new stake in Tectonic Therapeutic during the 4th quarter worth approximately $144,000. Clarius Group LLC acquired a new position in Tectonic Therapeutic during the 4th quarter valued at approximately $468,000. Exome Asset Management LLC raised its holdings in shares of Tectonic Therapeutic by 12.2% in the third quarter. Exome Asset Management LLC now owns 36,344 shares of the company’s stock worth $1,101,000 after buying an additional 3,955 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Tectonic Therapeutic by 147.7% in 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. Institutional investors and hedge funds own 62.63% of the company’s stock.

Analysts Set New Price Targets

Separately, Wells Fargo & Company dropped their price objective on shares of Tectonic Therapeutic from $112.00 to $101.00 and set an “overweight” rating on the stock in a report on Friday, March 21st. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Tectonic Therapeutic currently has an average rating of “Buy” and an average target price of $77.75.

Insider Buying and Selling at Tectonic Therapeutic

In related news, Director Timothy A. Springer acquired 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 owns 4,226,058 shares in the company, valued at approximately $228,798,780.12. This trade represents a 3.16 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Daniel Lochner bought 4,617 shares of the business’s 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 acquisition, the chief financial officer now owns 4,617 shares in the company, valued at approximately $249,964.38. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 234,607 shares of company stock valued at $8,955,655. 9.20% of the stock is owned by insiders.

Tectonic Therapeutic Trading Down 3.1 %

Shares of NASDAQ:TECX opened at $16.16 on Friday. Tectonic Therapeutic has a twelve month low of $13.70 and a twelve month high of $61.07. The company has a market cap of $301.59 million, a PE ratio of -2.74 and a beta of 2.87. The company’s 50 day moving average is $24.50 and its 200 day moving average is $36.09.

Tectonic Therapeutic (NASDAQ:TECX) last released its quarterly earnings data on Thursday, March 20th. The company reported ($0.84) earnings per share for the quarter, topping analysts’ consensus estimates of ($1.39) by $0.55. Equities research analysts predict that Tectonic Therapeutic will post -8.31 earnings per share for the current fiscal year.

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.