28,793 Shares in Tectonic Therapeutic (NASDAQ:TECX) Purchased by Millennium Management LLC

Millennium Management LLC purchased a new position in Tectonic Therapeutic (NASDAQ:TECX) in the fourth quarter, HoldingsChannel reports. The fund purchased 28,793 shares of the company’s stock, valued at approximately $1,329,000.

Other institutional investors also recently bought and sold shares of the company. Farallon Capital Management LLC grew its holdings in Tectonic Therapeutic by 37.0% in the fourth quarter. Farallon Capital Management LLC now owns 713,050 shares of the company’s stock worth $32,922,000 after purchasing an additional 192,653 shares during the period. Invesco Ltd. purchased a new stake in Tectonic Therapeutic in the fourth quarter worth about $5,918,000. Susquehanna International Group LLP grew its holdings in Tectonic Therapeutic by 165.2% in the fourth quarter. Susquehanna International Group LLP now owns 166,452 shares of the company’s stock worth $7,685,000 after purchasing an additional 103,698 shares during the period. Balyasny Asset Management L.P. grew its holdings in Tectonic Therapeutic by 36.9% in the fourth quarter. Balyasny Asset Management L.P. now owns 247,000 shares of the company’s stock worth $11,404,000 after purchasing an additional 66,527 shares during the period. Finally, Jane Street Group LLC purchased a new stake in Tectonic Therapeutic in the fourth quarter worth about $1,371,000. 62.63% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on TECX shares. Wells Fargo & Company cut their price target 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. Mizuho increased their price target on shares of Tectonic Therapeutic from $51.00 to $85.00 and gave the company an “outperform” rating in a report on Thursday, May 15th. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $79.20.

Insider Activity

In other news, Director Timothy A. Springer bought 3,718 shares of Tectonic Therapeutic stock in a transaction dated Wednesday, April 9th. The shares were purchased at an average cost of $14.76 per share, with a total value of $54,877.68. Following the completion of the acquisition, the director now owns 4,317,276 shares of the company’s stock, valued at $63,722,993.76. This trade represents a 0.09% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have bought 100,696 shares of company stock worth $1,705,714 in the last three months. Company insiders own 38.00% of the company’s stock.

Tectonic Therapeutic Trading Up 1.2%

TECX opened at $23.28 on Wednesday. Tectonic Therapeutic has a 1-year low of $13.70 and a 1-year high of $61.07. The company has a market capitalization of $434.71 million, a PE ratio of -3.95 and a beta of 3.44. The firm’s 50 day simple moving average is $19.54 and its two-hundred day simple moving average is $31.84.

Tectonic Therapeutic (NASDAQ:TECX) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.93) EPS for the quarter, beating the consensus estimate of ($1.10) by $0.17. Equities analysts forecast that Tectonic Therapeutic will post -8.31 earnings per share for the current fiscal year.

About Tectonic Therapeutic

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.