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

Tectonic Therapeutic (NASDAQ:TECX) released its quarterly earnings data on Thursday. The company reported ($0.84) EPS for the quarter, topping the consensus estimate of ($0.92) by $0.08, Zacks reports.

Tectonic Therapeutic Price Performance

Tectonic Therapeutic stock traded up $0.26 during mid-day trading on Thursday, reaching $22.18. 182,974 shares of the company traded hands, compared to its average volume of 161,621. The firm’s 50 day moving average price is $33.65 and its 200 day moving average price is $36.44. Tectonic Therapeutic has a 52-week low of $15.00 and a 52-week 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.

Insider Activity

In other news, Director Timothy A. Springer bought 129,294 shares of the stock in a transaction dated Wednesday, February 5th. The stock was bought at an average price 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 purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Daniel Lochner purchased 4,617 shares of Tectonic Therapeutic stock in a transaction that occurred on Wednesday, February 5th. The stock was purchased at an average cost of $54.14 per share, for a total transaction of $249,964.38. Following the completion of the purchase, the chief financial officer now owns 4,617 shares of the company’s stock, valued at $249,964.38. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 9.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Wells Fargo & Company boosted their price objective on Tectonic Therapeutic from $79.00 to $112.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Raymond James assumed coverage on shares of Tectonic Therapeutic in a research report on Wednesday, November 20th. They set an “outperform” rating and a $65.00 price target for the company. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $80.50.

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.