Tectonic Therapeutic (NASDAQ:TECX) Announces Quarterly Earnings Results, Beats Expectations 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 Stock Performance

Shares of NASDAQ:TECX opened at $21.15 on Friday. The stock has a market capitalization of $312.03 million, a price-to-earnings ratio of -3.59 and a beta of 2.71. The stock’s 50-day simple moving average is $32.84 and its two-hundred day simple moving average is $36.35. Tectonic Therapeutic has a 52-week low of $15.00 and a 52-week high of $61.07.

Insider Activity

In related news, CFO Daniel Lochner acquired 4,617 shares of the stock in a transaction dated Wednesday, February 5th. The shares were purchased 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. This represents a ? increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Timothy A. Springer acquired 129,294 shares of the stock in a transaction dated Wednesday, February 5th. The shares were bought at an average cost of $54.14 per share, for a total transaction of $6,999,977.16. Following the completion of the transaction, 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 disclosure for this purchase can be found here. Insiders own 9.20% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.