Tectonic Therapeutic (NASDAQ:TECX) Shares Gap Up to $17.50

Tectonic Therapeutic (NASDAQ:TECX)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $17.50, but opened at $18.00. Tectonic Therapeutic shares last traded at $18.00, with a volume of 414 shares.

Analysts Set New Price Targets

Several equities analysts have commented on TECX shares. Piper Sandler started coverage on shares of Tectonic Therapeutic in a research report on Wednesday, June 26th. They issued an “overweight” rating and a $76.00 price target for the company. TD Cowen started coverage on Tectonic Therapeutic in a research note on Monday, June 24th. They set a “buy” rating for the company. Leerink Partners started coverage on Tectonic Therapeutic in a research report on Wednesday, July 24th. They issued an “outperform” rating and a $49.00 price target on the stock. Wells Fargo & Company initiated coverage on Tectonic Therapeutic in a research report on Thursday, August 22nd. They set an “overweight” rating and a $55.00 price objective for the company. Finally, Leerink Partnrs upgraded shares of Tectonic Therapeutic to a “strong-buy” rating in a research note on Wednesday, July 24th. Four 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, the company currently has a consensus rating of “Buy” and a consensus target price of $60.00.

Tectonic Therapeutic Stock Up 2.8 %

The firm has a market cap of $264.99 million, a P/E ratio of 26.07 and a beta of 2.59. The stock’s 50 day simple moving average is $17.31.

Tectonic Therapeutic (NASDAQ:TECX) last issued its 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, equities research analysts anticipate that Tectonic Therapeutic will post -4.91 EPS for the current fiscal year.

Institutional Trading of Tectonic Therapeutic

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Affinity Asset Advisors LLC purchased a new stake in shares of Tectonic Therapeutic in the 2nd quarter valued at about $961,000. Renaissance Technologies LLC acquired a new position in Tectonic Therapeutic during the second quarter worth approximately $1,466,000. Acadian Asset Management LLC purchased a new stake in Tectonic Therapeutic in the second quarter valued at approximately $1,804,000. Atlas Venture Life Science Advisors LLC purchased a new stake in Tectonic Therapeutic in the second quarter valued at approximately $6,233,000. Finally, Farallon Capital Management LLC acquired a new stake in shares of Tectonic Therapeutic in the second quarter valued at approximately $7,099,000. Institutional investors and hedge funds 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.