Tectonic Therapeutic (NASDAQ:TECX) Shares Down 2.9%

Tectonic Therapeutic (NASDAQ:TECX)’s share price traded down 2.9% on Tuesday . The company traded as low as $17.93 and last traded at $17.93. 2,757 shares changed hands during mid-day trading, a decline of 89% from the average session volume of 24,410 shares. The stock had previously closed at $18.47.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. TD Cowen initiated coverage on Tectonic Therapeutic in a report on Monday, June 24th. They issued a “buy” rating on the stock. Leerink Partners started coverage on shares of Tectonic Therapeutic in a report on Wednesday, July 24th. They issued an “outperform” rating and a $49.00 target price for the company. Leerink Partnrs upgraded shares of Tectonic Therapeutic to a “strong-buy” rating in a research note on Wednesday, July 24th. Piper Sandler assumed coverage on shares of Tectonic Therapeutic in a research note on Wednesday, June 26th. They issued an “overweight” rating and a $76.00 price objective for the company. Finally, Wells Fargo & Company started coverage on Tectonic Therapeutic in a research report on Thursday, August 22nd. They set an “overweight” rating and a $55.00 target price on the stock. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Tectonic Therapeutic currently has an average rating of “Buy” and a consensus target price of $60.00.

Tectonic Therapeutic Stock Performance

The firm has a market cap of $848.50 million, a PE ratio of 26.77 and a beta of 2.59. The stock’s 50-day simple moving average is $17.36.

Tectonic Therapeutic (NASDAQ:TECX) last released its quarterly earnings results on Wednesday, August 14th. The company reported ($3.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.96) by ($1.85). Equities research analysts anticipate that Tectonic Therapeutic will post -4.91 EPS for the current fiscal year.

Institutional Investors Weigh In On Tectonic Therapeutic

Large investors have recently added to or reduced their stakes in the business. Affinity Asset Advisors LLC acquired a new position in Tectonic Therapeutic in the 2nd quarter valued at about $961,000. Renaissance Technologies LLC acquired a new position in Tectonic Therapeutic in the second quarter valued at $1,466,000. Acadian Asset Management LLC purchased a new stake in Tectonic Therapeutic during the second quarter valued at about $1,804,000. Atlas Venture Life Science Advisors LLC purchased a new stake in Tectonic Therapeutic during the second quarter valued at about $6,233,000. Finally, Farallon Capital Management LLC acquired a new stake in Tectonic Therapeutic during the second quarter worth about $7,099,000. 62.63% of the stock is owned by institutional investors and hedge funds.

Tectonic Therapeutic Company Profile

Avrobio, Inc is a bio-technology company. It develops step-change cell and gene therapies for the treatment of cancer and rare disease. The company operates primarily in the United States and Canada. Avrobio, Inc is based in MA, United States.