Tectonic Therapeutic (NASDAQ:TECX) Sees Significant Decrease in Short Interest

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

Insiders Place Their Bets

In other Tectonic Therapeutic news, CFO Daniel Lochner purchased 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, for a total transaction of $249,964.38. Following the purchase, the chief financial officer now owns 4,617 shares of the company’s stock, valued at approximately $249,964.38. This represents a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Timothy A. Springer acquired 129,294 shares of the stock in a transaction dated Wednesday, February 5th. The stock was 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. This represents a 3.16 % 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.

Institutional Trading of Tectonic Therapeutic

Large investors have recently made changes to their positions in the business. Nordwand Advisors LLC purchased a new position in Tectonic Therapeutic in the third quarter worth about $45,000. JPMorgan Chase & Co. lifted its stake in shares of Tectonic Therapeutic by 5,554.5% in the 4th 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 last quarter. Virtus ETF Advisers LLC purchased a new position in shares of Tectonic Therapeutic in the 4th quarter worth approximately $71,000. China Universal Asset Management Co. Ltd. bought a new position in shares of Tectonic Therapeutic during the 4th quarter valued at approximately $144,000. Finally, Charles Schwab Investment Management Inc. purchased a new stake in Tectonic Therapeutic during the 4th quarter valued at $218,000. 62.63% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Raymond James began coverage on shares of Tectonic Therapeutic in a report on Wednesday, November 20th. They set an “outperform” rating and a $65.00 price objective for the company. Wells Fargo & Company raised their target price 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. Finally, Leerink Partners boosted their price target on shares of Tectonic Therapeutic from $49.00 to $69.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $80.50.

Tectonic Therapeutic Trading Up 2.6 %

Shares of TECX stock traded up $0.60 on Wednesday, reaching $23.73. The company’s stock had a trading volume of 180,745 shares, compared to its average volume of 402,839. The company has a market capitalization of $350.04 million, a price-to-earnings ratio of -4.03 and a beta of 2.62. The stock’s fifty day simple moving average is $38.96 and its 200-day simple moving average is $36.16. Tectonic Therapeutic has a 1 year low of $13.80 and a 1 year high of $61.07.

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.