Tectonic Therapeutic (NASDAQ:TECX) Shares Gap Up Following Insider Buying Activity

Shares of Tectonic Therapeutic (NASDAQ:TECX) gapped up before the market opened on Monday following insider buying activity. The stock had previously closed at $36.45, but opened at $39.98. Tectonic Therapeutic shares last traded at $38.72, with a volume of 45,380 shares traded.

Specifically, CFO Daniel Lochner bought 4,617 shares of the company’s stock in a transaction dated Wednesday, February 5th. The stock was purchased at an average price of $54.14 per share, with a total value of $249,964.38. Following the completion of the acquisition, the chief financial officer now owns 4,617 shares of the company’s stock, valued at $249,964.38. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Timothy A. Springer purchased 129,294 shares of the business’s stock in a transaction dated Wednesday, February 5th. The shares were purchased at an average cost of $54.14 per share, for a total transaction of $6,999,977.16. Following the completion of the purchase, the director now directly owns 4,226,058 shares of the company’s stock, valued at approximately $228,798,780.12. This represents a 3.16 % increase in their position. The disclosure for this purchase can be found here.

Analysts Set New Price Targets

Several research analysts have issued reports on TECX shares. Raymond James started coverage on shares of Tectonic Therapeutic in a report on Wednesday, November 20th. They set an “outperform” rating and a $65.00 price target for the company. Wells Fargo & Company upped their price objective on shares of Tectonic Therapeutic from $79.00 to $112.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Finally, Leerink Partners lifted their target price on shares of Tectonic Therapeutic from $49.00 to $69.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $80.50.

Tectonic Therapeutic Stock Down 4.6 %

The company has a 50-day moving average of $44.94 and a two-hundred day moving average of $34.76. The company has a market capitalization of $512.86 million, a P/E ratio of -5.90 and a beta of 2.62.

Hedge Funds Weigh In On Tectonic Therapeutic

Institutional investors and hedge funds have recently modified their holdings of the stock. Nordwand Advisors LLC bought a new position in shares of Tectonic Therapeutic during the third quarter valued at $45,000. China Universal Asset Management Co. Ltd. purchased a new position in shares of Tectonic Therapeutic in the 4th quarter worth $144,000. Exome Asset Management LLC increased its position in Tectonic Therapeutic by 12.2% during the third quarter. Exome Asset Management LLC now owns 36,344 shares of the company’s stock valued at $1,101,000 after acquiring an additional 3,955 shares during the last quarter. Charles Schwab Investment Management Inc. bought a new position in Tectonic Therapeutic in the fourth quarter valued at about $218,000. Finally, Raymond James Financial Inc. bought a new stake in shares of Tectonic Therapeutic during the 4th quarter valued at about $228,000. 62.63% of the stock is currently owned by institutional investors.

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.