Tectonic Therapeutic (NASDAQ:TECX) Trading Down 6.1% – What’s Next?
by Doug Wharley · The Cerbat GemTectonic Therapeutic, Inc. (NASDAQ:TECX – Get Free Report) traded down 6.1% during trading on Thursday . The stock traded as low as $28.64 and last traded at $28.61. 21,364 shares changed hands during mid-day trading, a decline of 92% from the average session volume of 263,481 shares. The stock had previously closed at $30.48.
Wall Street Analyst Weigh In
Several analysts recently commented on the company. Zacks Research upgraded Tectonic Therapeutic from a “strong sell” rating to a “hold” rating in a research report on Tuesday, August 18th. Wall Street Zen raised Tectonic Therapeutic from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 8th. Raymond James Financial upgraded shares of Tectonic Therapeutic from an “outperform” rating to a “strong-buy” rating and lifted their price objective for the company from $76.00 to $81.00 in a research note on Tuesday, May 26th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Tectonic Therapeutic in a research report on Friday, July 17th. Finally, Oppenheimer restated an “outperform” rating on shares of Tectonic Therapeutic in a research report on Tuesday, September 1st. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Tectonic Therapeutic currently has a consensus rating of “Moderate Buy” and an average target price of $77.25.
Get Our Latest Analysis on Tectonic Therapeutic
Tectonic Therapeutic Stock Up 1.5%
The firm has a 50-day moving average of $32.58 and a two-hundred day moving average of $30.62. The stock has a market capitalization of $567.90 million, a price-to-earnings ratio of -6.36 and a beta of 3.31.
Tectonic Therapeutic (NASDAQ:TECX – Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($1.18) EPS for the quarter, topping the consensus estimate of ($1.35) by $0.17. As a group, sell-side analysts predict that Tectonic Therapeutic, Inc. will post -5.25 EPS for the current year.
Institutional Inflows and Outflows
Institutional investors have recently bought and sold shares of the company. Legal & General Group Plc bought a new stake in Tectonic Therapeutic in the 2nd quarter valued at $34,000. Caitong International Asset Management Co. Ltd lifted its stake in shares of Tectonic Therapeutic by 451.6% in the third quarter. Caitong International Asset Management Co. Ltd now owns 3,966 shares of the company’s stock valued at $62,000 after buying an additional 3,247 shares during the period. Quantbot Technologies LP acquired a new stake in Tectonic Therapeutic during the second quarter worth about $63,000. New York State Common Retirement Fund acquired a new stake in Tectonic Therapeutic during the second quarter worth about $99,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Tectonic Therapeutic during the second quarter worth about $119,000. 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.