Stock Track | Tectonic Therapeutic Stock Plummets 5.4% After Wider Q3 Loss Miss

Stock Track

Nov 08, 2024

Shares of Tectonic Therapeutic Inc. (NASDAQ: TECX) plunged 5.44% on Wednesday morning after the clinical-stage biotech company reported a wider-than-expected loss for the third quarter of 2024.

Tectonic reported an adjusted loss per share of $1.20 for Q3, missing consensus analyst estimates of $0.82 loss per share. The company's GAAP net loss of $17.72 million was also larger than the prior year's Q3 loss of $5.28 per share.

The disappointing results appear to have triggered a sell-off in Tectonic's stock, which had rallied 48% over the past quarter and nearly 175% year-to-date heading into the earnings release. With no revenue yet as a development-stage biotech firm, Tectonic's valuation is highly sensitive to changes in cash burn rates and missed earnings expectations.

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(NASDAQ: TECX) plunged 5.44% on Wednesday morning after the clinical-stage biotech company reported a wider-than-expected loss for the third quarter of 2024.</p>\n\n<p>Tectonic reported an adjusted loss per share of $1.20 for Q3, missing consensus analyst estimates of $0.82 loss per share. The company's GAAP net loss of $17.72 million was also larger than the prior year's Q3 loss of $5.28 per share.</p>\n\n<p>The disappointing results appear to have triggered a sell-off in Tectonic's stock, which had rallied 48% over the past quarter and nearly 175% year-to-date heading into the earnings release. With no revenue yet as a development-stage biotech firm, Tectonic's valuation is highly sensitive to changes in cash burn rates and missed earnings expectations.</p>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"TECX","symbol_name":"Tectonic Therapeutic, Inc.","start_time":0,"source_url":"","article_id":"1138179183","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1138179183","pubTimestamp":1731076361,"columns":[],"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Shares of Tectonic Therapeutic Inc.  plunged 5.44% on Wednesday morning after the clinical-stage biotech company reported a wider-than-expected loss for the third quarter of 2024.Tectonic reported an adjusted loss per share of $1.20 for Q3, missing consensus analyst estimates of $0.82 loss per share. 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