Insider Buying: Tectonic Therapeutic (NASDAQ:TECX) Director Acquires 3,718 Shares of Stock

Tectonic Therapeutic (NASDAQ:TECX) Director Timothy A. Springer purchased 3,718 shares of the firm’s stock in a transaction dated Wednesday, April 9th. The shares were bought at an average cost of $14.76 per share, with a total value of $54,877.68. Following the transaction, the director now directly owns 4,317,276 shares of the company’s stock, valued at approximately $63,722,993.76. This represents a 0.09 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Tectonic Therapeutic Price Performance

Shares of TECX opened at $16.16 on Monday. Tectonic Therapeutic has a 12-month low of $13.70 and a 12-month high of $61.07. The business’s fifty day moving average price is $24.50 and its 200 day moving average price is $36.14. The stock has a market capitalization of $301.59 million, a PE ratio of -2.74 and a beta of 2.87.

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

Wall Street Analysts Forecast Growth

Separately, Wells Fargo & Company reduced their price objective on shares of Tectonic Therapeutic from $112.00 to $101.00 and set an “overweight” rating on the stock in a research note on Friday, March 21st. Five investment 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, the stock has a consensus rating of “Buy” and a consensus target price of $77.75.

Hedge Funds Weigh In On Tectonic Therapeutic

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Paradigm Biocapital Advisors LP acquired a new stake in shares of Tectonic Therapeutic during the 4th quarter worth approximately $22,397,000. Farallon Capital Management LLC increased its position 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 buying an additional 192,653 shares during the period. Invesco Ltd. acquired a new stake in Tectonic Therapeutic in the fourth quarter worth $5,918,000. Susquehanna International Group LLP lifted its stake in Tectonic Therapeutic by 165.2% in the fourth quarter. Susquehanna International Group LLP now owns 166,452 shares of the company’s stock valued at $7,685,000 after buying an additional 103,698 shares during the last quarter. Finally, Balyasny Asset Management L.P. boosted its holdings in shares of Tectonic Therapeutic by 36.9% during the fourth quarter. Balyasny Asset Management L.P. now owns 247,000 shares of the company’s stock valued at $11,404,000 after acquiring an additional 66,527 shares during the period. 62.63% of the stock is currently owned by institutional investors and hedge funds.

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.