Tectonic Therapeutic (NASDAQ:TECX) Shares Gap Up on Analyst Upgrade

Tectonic Therapeutic (NASDAQ:TECX) shares gapped up prior to trading on Tuesday after Wells Fargo & Company raised their price target on the stock from $55.00 to $79.00. The stock had previously closed at $46.07, but opened at $47.99. Wells Fargo & Company currently has an overweight rating on the stock. Tectonic Therapeutic shares last traded at $45.07, with a volume of 17,108 shares traded.

Several other analysts also recently commented on the stock. Leerink Partners raised their price objective on shares of Tectonic Therapeutic from $49.00 to $69.00 and gave the company an “outperform” rating in a research report on Monday. Leerink Partnrs upgraded shares of Tectonic Therapeutic to a “strong-buy” rating in a research report on Wednesday, July 24th. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Tectonic Therapeutic presently has a consensus rating of “Buy” and an average price target of $74.67.

Insider Activity at Tectonic Therapeutic

In related news, Director Timothy A. Springer acquired 300,000 shares of the stock in a transaction on Tuesday, October 22nd. The stock was bought at an average cost of $33.59 per share, with a total value of $10,077,000.00. Following the transaction, the director now directly owns 4,096,764 shares in the company, valued at approximately $137,610,302.76. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, Director Timothy A. Springer bought 300,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was bought at an average price of $33.59 per share, with a total value of $10,077,000.00. Following the completion of the transaction, the director now directly owns 4,096,764 shares of the company’s stock, valued at approximately $137,610,302.76. The trade was a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Timothy A. Springer bought 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The shares were purchased at an average cost of $28.82 per share, with a total value of $1,441,000.00. Following the transaction, the director now directly owns 3,796,764 shares of the company’s stock, valued at $109,422,738.48. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 9.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Tectonic Therapeutic during the 3rd quarter valued at approximately $233,000. Nordwand Advisors LLC acquired a new stake in shares of Tectonic Therapeutic in the third quarter worth $45,000. Vida Ventures Advisors LLC acquired a new stake in shares of Tectonic Therapeutic in the third quarter worth $31,169,000. Affinity Asset Advisors LLC acquired a new stake in shares of Tectonic Therapeutic in the second quarter worth $961,000. Finally, Farallon Capital Management LLC acquired a new stake in shares of Tectonic Therapeutic in the second quarter worth $7,099,000. Institutional investors and hedge funds own 62.63% of the company’s stock.

Tectonic Therapeutic Trading Down 2.5 %

The stock has a market cap of $661.38 million, a P/E ratio of -7.86 and a beta of 2.60. The business’s 50-day simple moving average is $30.59.

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

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.