Tectonic Therapeutic (NASDAQ:TECX) Reaches New 12-Month High – Still a Buy?

Shares of Tectonic Therapeutic (NASDAQ:TECX) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $51.25 and last traded at $50.00, with a volume of 22853 shares traded. The stock had previously closed at $49.78.

Analyst Ratings Changes

A number of equities research analysts have recently commented 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 research note on Tuesday, November 12th. Raymond James initiated coverage on shares of Tectonic Therapeutic in a research note on Wednesday, November 20th. They set an “outperform” rating and a $65.00 price target for the company. Finally, Leerink Partners upped their price objective on Tectonic Therapeutic from $49.00 to $69.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $72.25.

Tectonic Therapeutic Price Performance

The firm has a market capitalization of $734.85 million, a PE ratio of -8.45 and a beta of 2.60. The company’s 50 day moving average is $38.19.

Insider Transactions at Tectonic Therapeutic

In related news, Director Timothy A. Springer acquired 300,000 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The stock was purchased at an average cost of $33.59 per share, with a total value of $10,077,000.00. Following the completion of the acquisition, the director now directly owns 4,096,764 shares of the company’s stock, valued at approximately $137,610,302.76. This trade represents a 7.90 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 9.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Affinity Asset Advisors LLC bought a new stake in Tectonic Therapeutic during the 2nd quarter valued at approximately $961,000. Farallon Capital Management LLC purchased a new position in Tectonic Therapeutic during the second quarter valued at $7,099,000. Vida Ventures Advisors LLC bought a new stake in Tectonic Therapeutic in the 3rd quarter valued at $31,169,000. Renaissance Technologies LLC bought a new position in shares of Tectonic Therapeutic during the 2nd quarter valued at about $1,466,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Tectonic Therapeutic during the third quarter valued at about $233,000. 62.63% of the stock is currently owned by institutional investors.

About Tectonic Therapeutic

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.