Connor Clark & Lunn Investment Management Ltd. Raises Stock Holdings in Tectonic Therapeutic (NASDAQ:TECX)

Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Tectonic Therapeutic (NASDAQ:TECX) by 88.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 14,485 shares of the company’s stock after buying an additional 6,783 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Tectonic Therapeutic were worth $669,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. FMR LLC raised its holdings 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 buying an additional 142,600 shares during the period. Ikarian Capital LLC increased its holdings in Tectonic Therapeutic by 325.1% during the 3rd quarter. Ikarian Capital LLC now owns 267,145 shares of the company’s stock worth $8,094,000 after purchasing an additional 204,309 shares during the period. Geode Capital Management LLC increased its holdings in Tectonic Therapeutic by 147.7% during the 3rd quarter. Geode Capital Management LLC now owns 76,879 shares of the company’s stock worth $2,331,000 after purchasing an additional 45,846 shares during the period. Walleye Capital LLC increased its holdings in Tectonic Therapeutic by 204.2% during the 3rd quarter. Walleye Capital LLC now owns 72,962 shares of the company’s stock worth $2,211,000 after purchasing an additional 48,978 shares during the period. Finally, Exome Asset Management LLC increased 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 purchasing an additional 3,955 shares during the period. 62.63% of the stock is currently owned by hedge funds and other institutional investors.

Tectonic Therapeutic Trading Down 4.6 %

Shares of NASDAQ:TECX opened at $21.15 on Friday. Tectonic Therapeutic has a 12-month low of $15.00 and a 12-month high of $61.07. The business’s fifty day simple moving average is $32.84 and its 200-day simple moving average is $36.35. The company has a market capitalization of $312.03 million, a PE ratio of -3.59 and a beta of 2.71.

Tectonic Therapeutic (NASDAQ:TECX) last announced its quarterly earnings results on Thursday, March 20th. The company reported ($0.84) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.92) by $0.08. Research analysts predict that Tectonic Therapeutic will post -8.31 EPS for the current year.

Insiders Place Their Bets

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

Analysts Set New Price Targets

Separately, Wells Fargo & Company reduced their price objective on Tectonic Therapeutic from $112.00 to $101.00 and set an “overweight” rating on the stock 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 data from MarketBeat, Tectonic Therapeutic presently has a consensus rating of “Buy” and a consensus target price of $77.75.

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.