Tectonic Therapeutic (NASDAQ:TECX) Hits New 1-Year High – What’s Next?

Tectonic Therapeutic (NASDAQ:TECX)’s share price reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $34.70 and last traded at $34.40, with a volume of 29912 shares trading hands. The stock had previously closed at $33.75.

Wall Street Analysts Forecast Growth

TECX has been the subject of a number of recent research reports. Leerink Partnrs raised shares of Tectonic Therapeutic to a “strong-buy” rating in a research note on Wednesday, July 24th. 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 price objective on the stock. Piper Sandler began coverage on Tectonic Therapeutic in a report on Wednesday, June 26th. They issued an “overweight” rating and a $76.00 target price for the company. Leerink Partners started coverage on Tectonic Therapeutic in a report on Wednesday, July 24th. They set an “outperform” rating and a $49.00 price target on the stock. Finally, TD Cowen assumed coverage on Tectonic Therapeutic in a research report on Monday, June 24th. They issued a “buy” rating for the company. Four 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 MarketBeat.com, Tectonic Therapeutic currently has a consensus rating of “Buy” and an average price target of $60.00.

Tectonic Therapeutic Stock Performance

The firm’s 50 day moving average is $22.38. The firm has a market capitalization of $1.61 billion, a PE ratio of 51.30 and a beta of 2.63.

Tectonic Therapeutic (NASDAQ:TECX) last announced its quarterly earnings data on Wednesday, August 14th. The company reported ($3.81) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.96) by ($1.85). On average, sell-side analysts forecast that Tectonic Therapeutic will post -4.91 earnings per share for the current year.

Insider Activity

In other Tectonic Therapeutic news, Director Timothy A. Springer acquired 50,000 shares of the company’s stock in a transaction dated Thursday, September 26th. The shares were purchased at an average cost of $28.82 per share, for a total transaction of $1,441,000.00. Following the completion of the purchase, the director now owns 3,796,764 shares in the company, valued at approximately $109,422,738.48. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 9.20% of the company’s stock.

Institutional Investors Weigh In On Tectonic Therapeutic

A number of hedge funds have recently made changes to their positions in TECX. Vida Ventures Advisors LLC purchased a new position in Tectonic Therapeutic in the third quarter valued at about $31,169,000. Farallon Capital Management LLC purchased a new position in shares of Tectonic Therapeutic in the 2nd quarter worth approximately $7,099,000. Atlas Venture Life Science Advisors LLC purchased a new position in shares of Tectonic Therapeutic in the 2nd quarter worth approximately $6,233,000. Acadian Asset Management LLC bought a new position in shares of Tectonic Therapeutic during the 2nd quarter worth approximately $1,804,000. Finally, Renaissance Technologies LLC purchased a new stake in Tectonic Therapeutic during the second quarter valued at approximately $1,466,000. 62.63% of the stock is currently owned by hedge funds and other institutional investors.

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.