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

Tectonic Therapeutic (NASDAQ:TECX) was the target of a significant growth in short interest during the month of January. As of January 31st, there was short interest totalling 1,060,000 shares, a growth of 60.3% from the January 15th total of 661,100 shares. Based on an average daily volume of 260,900 shares, the days-to-cover ratio is presently 4.1 days. Currently, 13.8% of the shares of the stock are short sold.

Tectonic Therapeutic Price Performance

NASDAQ:TECX traded up $2.52 during mid-day trading on Thursday, hitting $34.12. 316,330 shares of the company’s stock were exchanged, compared to its average volume of 464,702. Tectonic Therapeutic has a one year low of $13.80 and a one year high of $61.07. The business has a fifty day moving average price of $44.15 and a 200 day moving average price of $34.84. The company has a market cap of $503.27 million, a PE ratio of -5.79 and a beta of 2.62.

Wall Street Analysts Forecast Growth

TECX has been the topic of a number of research reports. Raymond James started coverage on shares of Tectonic Therapeutic in a report on Wednesday, November 20th. They set an “outperform” rating and a $65.00 target price on the stock. Wells Fargo & Company boosted their price target on shares of Tectonic Therapeutic from $79.00 to $112.00 and gave the stock an “overweight” rating in a report 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 report on Monday, November 11th. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $80.50.

Insider Activity

In other news, Director Timothy A. Springer acquired 129,294 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The stock was bought at an average price of $54.14 per share, with a total value of $6,999,977.16. Following the transaction, the director now directly owns 4,226,058 shares in the company, valued at approximately $228,798,780.12. The trade was a 3.16 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Daniel Lochner bought 4,617 shares of Tectonic Therapeutic stock in a transaction that occurred on Wednesday, February 5th. The shares were bought at an average cost of $54.14 per share, with a total value of $249,964.38. Following the acquisition, the chief financial officer now directly owns 4,617 shares in the company, 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 owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC boosted its position in shares of Tectonic Therapeutic by 0.9% in the fourth 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. raised its stake in shares of Tectonic Therapeutic by 5,554.5% in the fourth quarter. JPMorgan Chase & Co. now owns 1,244 shares of the company’s stock valued at $57,000 after acquiring an additional 1,222 shares during the period. Nordwand Advisors LLC purchased a new position in Tectonic Therapeutic in the 3rd quarter worth about $45,000. China Universal Asset Management Co. Ltd. purchased a new position in Tectonic Therapeutic in the 4th quarter worth about $144,000. Finally, Exome Asset Management LLC grew its holdings in Tectonic Therapeutic by 12.2% during the 3rd quarter. Exome Asset Management LLC now owns 36,344 shares of the company’s stock worth $1,101,000 after acquiring an additional 3,955 shares in the last quarter. 62.63% of the stock is owned by hedge funds and other institutional investors.

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.