Brokerages Set Tectonic Therapeutic, Inc. (NASDAQ:TECX) PT at $83.60

Shares of Tectonic Therapeutic, Inc. (NASDAQ:TECX) have been given an average recommendation of “Buy” by the six brokerages that are currently covering the firm, MarketBeat Ratings reports. Four research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $83.60.

A number of analysts have recently weighed in on TECX shares. Raymond James Financial began coverage on shares of Tectonic Therapeutic in a research note on Wednesday, June 11th. They issued an “outperform” rating and a $76.00 price target for the company. Mizuho increased their target price on shares of Tectonic Therapeutic from $51.00 to $85.00 and gave the company an “outperform” rating in a research note on Thursday, May 15th. Wall Street Zen upgraded shares of Tectonic Therapeutic from a “sell” rating to a “hold” rating in a report on Saturday. Lifesci Capital initiated coverage on shares of Tectonic Therapeutic in a report on Friday, June 6th. They set an “outperform” rating and a $87.00 price target on the stock. Finally, 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.

Insiders Place Their Bets

In related news, Director Timothy A. Springer acquired 87,500 shares of the company’s stock in a transaction on Monday, April 7th. The shares were purchased at an average price of $17.10 per share, for a total transaction of $1,496,250.00. Following the purchase, the director owned 4,313,558 shares in the company, valued at $73,761,841.80. This represents a 2.07% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In the last quarter, insiders have purchased 100,696 shares of company stock valued at $1,705,714. 38.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. increased 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 valued at $57,000 after buying an additional 1,222 shares during the period. Virtus ETF Advisers LLC acquired a new position in shares of Tectonic Therapeutic during the 4th quarter worth $71,000. American Century Companies Inc. acquired a new position in shares of Tectonic Therapeutic during the 1st quarter worth $214,000. Charles Schwab Investment Management Inc. acquired a new position in shares of Tectonic Therapeutic during the 4th quarter worth $218,000. Finally, Raymond James Financial Inc. acquired a new position in shares of Tectonic Therapeutic during the 4th quarter worth $228,000. Institutional investors and hedge funds own 62.63% of the company’s stock.

Tectonic Therapeutic Stock Up 3.1%

Tectonic Therapeutic stock opened at $21.75 on Thursday. The firm has a 50-day moving average price of $21.30 and a two-hundred day moving average price of $27.67. The firm has a market capitalization of $405.98 million, a price-to-earnings ratio of -2.97 and a beta of 3.17. Tectonic Therapeutic has a 52-week low of $13.70 and a 52-week high of $61.07.

Tectonic Therapeutic (NASDAQ:TECX) last posted its earnings results on Thursday, May 8th. The company reported ($0.93) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.10) by $0.17. Research analysts expect that Tectonic Therapeutic will post -8.31 earnings per share for the current 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.