Tectonic Therapeutic (NASDAQ:TECX) Short Interest Update

Tectonic Therapeutic (NASDAQ:TECX) saw a large drop in short interest during the month of February. As of February 15th, there was short interest totalling 888,500 shares, a drop of 16.2% from the January 31st total of 1,060,000 shares. Based on an average daily volume of 284,700 shares, the short-interest ratio is presently 3.1 days. Currently, 10.3% of the shares of the company are sold short.

Tectonic Therapeutic Stock Up 3.6 %

NASDAQ TECX opened at $23.96 on Thursday. The company has a 50-day moving average price of $38.43 and a 200-day moving average price of $36.08. Tectonic Therapeutic has a 52 week low of $13.80 and a 52 week high of $61.07. The firm has a market capitalization of $353.48 million, a P/E ratio of -4.07 and a beta of 2.62.

Wall Street Analysts Forecast Growth

TECX has been the subject of several research analyst reports. Wells Fargo & Company lifted their price objective on Tectonic Therapeutic from $79.00 to $112.00 and gave the stock an “overweight” rating in a report on Friday, January 31st. Raymond James started coverage on shares of Tectonic Therapeutic in a research note on Wednesday, November 20th. They issued an “outperform” rating and a $65.00 price target for the company. Finally, Leerink Partners increased their price objective 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 research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $80.50.

Insider Transactions at Tectonic Therapeutic

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

Institutional Trading of Tectonic Therapeutic

Several large investors have recently added to or reduced their stakes in TECX. Walleye Capital LLC boosted its stake in shares of Tectonic Therapeutic by 0.8% during the 4th quarter. Walleye Capital LLC now owns 73,517 shares of the company’s stock worth $3,394,000 after acquiring an additional 555 shares during the last quarter. Geode Capital Management LLC raised its holdings in Tectonic Therapeutic by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 77,584 shares of the company’s stock worth $3,584,000 after purchasing an additional 705 shares during the period. JPMorgan Chase & Co. grew its holdings in Tectonic Therapeutic by 5,554.5% during the fourth quarter. JPMorgan Chase & Co. now owns 1,244 shares of the company’s stock valued at $57,000 after purchasing an additional 1,222 shares during the period. Nordwand Advisors LLC purchased a new stake in Tectonic Therapeutic in the third quarter worth about $45,000. Finally, Virtus ETF Advisers LLC bought a new position in shares of Tectonic Therapeutic in the fourth quarter worth about $71,000. 62.63% of the stock is currently owned by institutional investors.

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.