Tectonic Therapeutic (NASDAQ:TECX) Hits New 12-Month High – Here’s Why

Tectonic Therapeutic (NASDAQ:TECX) shares hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $45.50 and last traded at $45.10, with a volume of 23830 shares traded. The stock had previously closed at $44.85.

Wall Street Analyst Weigh In

Several analysts recently commented on TECX shares. Leerink Partnrs raised Tectonic Therapeutic to a “strong-buy” rating in a research note on Wednesday, July 24th. Wells Fargo & Company initiated coverage on Tectonic Therapeutic in a report on Thursday, August 22nd. They set an “overweight” rating and a $55.00 target price on the stock. Finally, Leerink Partners began coverage on shares of Tectonic Therapeutic in a report on Wednesday, July 24th. They issued an “outperform” rating and a $49.00 price target for the company. Four research 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, Tectonic Therapeutic currently has an average rating of “Buy” and an average target price of $60.00.

Tectonic Therapeutic Trading Up 2.2 %

The company has a market capitalization of $675.55 million, a price-to-earnings ratio of -8.68 and a beta of 2.60. The firm’s 50-day moving average price is $28.51.

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

Insiders Place Their Bets

In other Tectonic Therapeutic news, Director Timothy A. Springer purchased 300,000 shares of Tectonic Therapeutic stock in a transaction that occurred on Tuesday, October 22nd. The stock was acquired at an average price of $33.59 per share, for a total transaction of $10,077,000.00. Following the completion of the acquisition, the director now owns 4,096,764 shares of the company’s stock, valued at approximately $137,610,302.76. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. In related news, Director Timothy A. Springer acquired 50,000 shares of the company’s 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 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Timothy A. Springer bought 300,000 shares of the business’s stock in a transaction dated Tuesday, October 22nd. The shares were bought at an average price of $33.59 per share, with a total value of $10,077,000.00. Following the purchase, the director now owns 4,096,764 shares in the company, valued at $137,610,302.76. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders own 9.20% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of TECX. Acadian Asset Management LLC acquired a new position in shares of Tectonic Therapeutic in the second quarter valued at approximately $1,804,000. Atlas Venture Life Science Advisors LLC bought a new stake in Tectonic Therapeutic in the 2nd quarter valued at $6,233,000. Renaissance Technologies LLC acquired a new position in Tectonic Therapeutic in the 2nd quarter valued at $1,466,000. Farallon Capital Management LLC bought a new position in Tectonic Therapeutic during the 2nd quarter worth $7,099,000. Finally, Affinity Asset Advisors LLC acquired a new stake in shares of Tectonic Therapeutic during the second quarter worth $961,000. 62.63% of the stock is owned by 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.