Tectonic Therapeutic (NASDAQ:TECX) Hits New 1-Year High – Here’s Why

Tectonic Therapeutic (NASDAQ:TECX) reached a new 52-week high on Monday . The company traded as high as $50.53 and last traded at $50.27, with a volume of 11299 shares changing hands. The stock had previously closed at $48.10.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Wells Fargo & Company lifted their target price on Tectonic Therapeutic from $55.00 to $79.00 and gave the stock an “overweight” rating in a report on Tuesday, November 12th. Leerink Partners lifted their price objective on Tectonic Therapeutic from $49.00 to $69.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Finally, Raymond James started coverage on shares of Tectonic Therapeutic in a research report on Wednesday, November 20th. They set an “outperform” rating and a $65.00 target price for the company. Five equities research 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 currently has a consensus rating of “Buy” and a consensus target price of $72.25.

Tectonic Therapeutic Stock Up 3.7 %

The company’s 50-day moving average price is $35.23.

Insider Transactions at Tectonic Therapeutic

In other news, Director Timothy A. Springer bought 50,000 shares of the stock in a transaction dated Thursday, September 26th. The shares were bought at an average cost of $28.82 per share, with a total value of $1,441,000.00. Following the completion of the transaction, the director now directly owns 3,796,764 shares of the company’s stock, valued at $109,422,738.48. This trade represents a 1.33 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 9.20% of the company’s stock.

Institutional Trading of Tectonic Therapeutic

Hedge funds and other institutional investors have recently bought and sold shares of the business. Nordwand Advisors LLC bought a new position in shares of Tectonic Therapeutic in the third quarter valued at $45,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Tectonic Therapeutic in the 3rd quarter worth about $233,000. Acuta Capital Partners LLC bought a new position in Tectonic Therapeutic in the 3rd quarter valued at about $415,000. Affinity Asset Advisors LLC acquired a new position in Tectonic Therapeutic during the 2nd quarter valued at about $961,000. Finally, Walleye Capital LLC boosted its stake 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 purchasing an additional 48,978 shares during the last quarter. Institutional investors own 62.63% of the company’s stock.

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.