Charles Schwab Investment Management Inc. Invests $218,000 in Tectonic Therapeutic (NASDAQ:TECX)

Charles Schwab Investment Management Inc. acquired a new stake in shares of Tectonic Therapeutic (NASDAQ:TECX) during the fourth quarter, according to its most recent filing with the SEC. The fund acquired 4,711 shares of the company’s stock, valued at approximately $218,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. China Universal Asset Management Co. Ltd. purchased a new position in Tectonic Therapeutic during the 4th quarter valued at about $144,000. Clarius Group LLC purchased a new stake in shares of Tectonic Therapeutic in the fourth quarter worth about $468,000. Exome Asset Management LLC boosted its position in shares of Tectonic Therapeutic by 12.2% in 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 period. Walleye Capital LLC grew its stake in Tectonic Therapeutic by 204.2% during the third quarter. Walleye Capital LLC now owns 72,962 shares of the company’s stock valued at $2,211,000 after acquiring an additional 48,978 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in Tectonic Therapeutic by 147.7% during the 3rd quarter. Geode Capital Management LLC now owns 76,879 shares of the company’s stock worth $2,331,000 after acquiring an additional 45,846 shares during the period. 62.63% of the stock is currently owned by institutional investors.

Tectonic Therapeutic Trading Down 4.9 %

Shares of NASDAQ TECX opened at $16.84 on Wednesday. The business has a 50-day moving average of $29.87 and a 200-day moving average of $36.66. The firm has a market capitalization of $314.28 million, a price-to-earnings ratio of -2.86 and a beta of 2.71. Tectonic Therapeutic has a 12 month low of $15.00 and a 12 month high of $61.07.

Tectonic Therapeutic (NASDAQ:TECX) last announced its earnings results on Thursday, March 20th. The company reported ($0.84) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.39) by $0.55. On average, analysts predict that Tectonic Therapeutic will post -8.31 earnings per share for the current year.

Insider Transactions at Tectonic Therapeutic

In other news, CFO Daniel Lochner bought 4,617 shares of the business’s stock in a transaction on Wednesday, February 5th. The stock was acquired at an average price of $54.14 per share, with a total value of $249,964.38. Following the completion of the purchase, the chief financial officer now directly owns 4,617 shares in the company, valued at $249,964.38. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Timothy A. Springer purchased 129,294 shares of Tectonic Therapeutic stock in a transaction on Wednesday, February 5th. The shares were acquired at an average price of $54.14 per share, for a total transaction of $6,999,977.16. Following the completion of the transaction, the director now directly owns 4,226,058 shares of the company’s stock, valued at approximately $228,798,780.12. The trade was a 3.16 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 9.20% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Separately, Wells Fargo & Company cut their price target on shares of Tectonic Therapeutic from $112.00 to $101.00 and set an “overweight” rating for the company in a report on Friday, March 21st. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $77.75.

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.