Tectonic Therapeutic (NASDAQ:TECX) Releases Earnings Results, Beats Expectations By $0.08 EPS

Tectonic Therapeutic (NASDAQ:TECX) issued its quarterly earnings results on Thursday. The company reported ($0.84) earnings per share for the quarter, beating the consensus estimate of ($0.92) by $0.08, Zacks reports.

Tectonic Therapeutic Price Performance

Tectonic Therapeutic stock traded up $0.26 during midday trading on Thursday, reaching $22.18. 182,974 shares of the company traded hands, compared to its average volume of 161,621. Tectonic Therapeutic has a 12 month low of $15.00 and a 12 month high of $61.07. The firm has a market capitalization of $327.22 million, a price-to-earnings ratio of -3.77 and a beta of 2.71. The business has a 50 day moving average of $33.65 and a two-hundred day moving average of $36.44.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on TECX. Wells Fargo & Company raised their price objective on shares of Tectonic Therapeutic from $79.00 to $112.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Raymond James started coverage on shares of Tectonic Therapeutic in a report on Wednesday, November 20th. They issued an “outperform” rating and a $65.00 price objective for the company. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Tectonic Therapeutic presently has a consensus rating of “Buy” and a consensus target price of $80.50.

Insider Buying and Selling at Tectonic Therapeutic

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