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

Tectonic Therapeutic (NASDAQ:TECX) was the recipient of a large increase in short interest in the month of January. As of January 31st, there was short interest totalling 1,060,000 shares, an increase of 60.3% from the January 15th total of 661,100 shares. Currently, 13.8% of the company’s shares are short sold. Based on an average daily trading volume, of 260,900 shares, the short-interest ratio is currently 4.1 days.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on TECX. Leerink Partners boosted their price target on Tectonic Therapeutic from $49.00 to $69.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Wells Fargo & Company upped their price objective on Tectonic Therapeutic from $79.00 to $112.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Finally, Raymond James started coverage on Tectonic Therapeutic in a report on Wednesday, November 20th. They issued an “outperform” rating and a $65.00 price target for the company. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $80.50.

Insider Activity at Tectonic Therapeutic

In other news, CFO Daniel Lochner bought 4,617 shares of Tectonic Therapeutic stock in a transaction on Wednesday, February 5th. The shares were bought at an average cost of $54.14 per share, for a total transaction of $249,964.38. Following the acquisition, the chief financial officer now owns 4,617 shares in the company, valued at approximately $249,964.38. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Timothy A. Springer bought 129,294 shares of the company’s stock in a transaction that occurred on Wednesday, February 5th. The shares were acquired at an average cost of $54.14 per share, with a total value of $6,999,977.16. Following 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 position. The disclosure for this purchase can be found here. 9.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Tectonic Therapeutic

A number of institutional investors and hedge funds have recently made changes to their positions in TECX. Nordwand Advisors LLC purchased a new stake in Tectonic Therapeutic during the third quarter valued at about $45,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Tectonic Therapeutic during the third quarter valued at about $233,000. FMR LLC grew its stake in shares of Tectonic Therapeutic by 13.2% in the third quarter. FMR LLC now owns 1,220,138 shares of the company’s stock worth $36,970,000 after purchasing an additional 142,600 shares during the last quarter. Acuta Capital Partners LLC bought a new stake in shares of Tectonic Therapeutic in the third quarter worth about $415,000. Finally, Walleye Capital LLC boosted its position in Tectonic Therapeutic by 204.2% during the 3rd quarter. Walleye Capital LLC now owns 72,962 shares of the company’s stock valued at $2,211,000 after acquiring an additional 48,978 shares in the last quarter. Hedge funds and other institutional investors own 62.63% of the company’s stock.

Tectonic Therapeutic Stock Up 8.0 %

TECX stock traded up $2.52 during mid-day trading on Thursday, reaching $34.12. 316,330 shares of the company traded hands, compared to its average volume of 464,702. Tectonic Therapeutic has a fifty-two week low of $13.80 and a fifty-two week high of $61.07. The firm’s 50 day moving average price is $44.15 and its 200 day moving average price is $34.84. The stock has a market cap of $503.27 million, a price-to-earnings ratio of -5.79 and a beta of 2.62.

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.