JPMorgan Chase & Co. Grows Stake in Tectonic Therapeutic (NASDAQ:TECX)

JPMorgan Chase & Co. boosted its stake in Tectonic Therapeutic (NASDAQ:TECX) by 5,554.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,244 shares of the company’s stock after buying an additional 1,222 shares during the quarter. JPMorgan Chase & Co.’s holdings in Tectonic Therapeutic were worth $57,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of TECX. China Universal Asset Management Co. Ltd. acquired a new position in Tectonic Therapeutic in the 4th quarter valued at $144,000. Charles Schwab Investment Management Inc. purchased a new stake in shares of Tectonic Therapeutic during the fourth quarter worth $218,000. Raymond James Financial Inc. acquired a new stake in shares of Tectonic Therapeutic in the fourth quarter valued at about $228,000. Commonwealth Equity Services LLC purchased a new position in shares of Tectonic Therapeutic in the fourth quarter worth about $231,000. Finally, Clarius Group LLC acquired a new position in Tectonic Therapeutic during the fourth quarter worth about $468,000. 62.63% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Wells Fargo & Company reduced their price objective on Tectonic Therapeutic from $112.00 to $101.00 and set an “overweight” rating on the stock in a research report on Friday, March 21st. Mizuho assumed coverage on shares of Tectonic Therapeutic in a research report on Monday, April 21st. They set an “outperform” rating and a $51.00 price target on the stock. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Tectonic Therapeutic currently has an average rating of “Buy” and an average target price of $72.40.

Insider Activity at Tectonic Therapeutic

In other news, Director Timothy A. Springer bought 87,500 shares of the stock in a transaction that occurred on Monday, April 7th. The stock was bought at an average cost of $17.10 per share, for a total transaction of $1,496,250.00. Following the acquisition, the director now directly owns 4,313,558 shares of the company’s stock, valued at $73,761,841.80. The trade was a 2.07 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. In the last 90 days, insiders have bought 100,696 shares of company stock worth $1,705,714. 9.20% of the stock is currently owned by company insiders.

Tectonic Therapeutic Price Performance

NASDAQ TECX opened at $18.92 on Wednesday. The firm’s 50-day moving average is $19.93 and its two-hundred day moving average is $34.60. The stock has a market capitalization of $353.26 million, a P/E ratio of -3.21 and a beta of 3.44. Tectonic Therapeutic has a 12 month low of $13.70 and a 12 month high of $61.07.

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

Tectonic Therapeutic 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.