Tectonic Therapeutic (NASDAQ:TECX) Reaches New 1-Year High – Here’s Why

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

Analysts Set New Price Targets

TECX has been the subject of a number of recent research reports. Wells Fargo & Company raised their target price on shares of Tectonic Therapeutic from $55.00 to $79.00 and gave the company an “overweight” rating in a report on Tuesday, November 12th. Raymond James assumed coverage on shares of Tectonic Therapeutic in a research note on Wednesday, November 20th. They issued an “outperform” rating and a $65.00 price objective for the company. Finally, Leerink Partners upped their target price on shares of Tectonic Therapeutic from $49.00 to $69.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Tectonic Therapeutic currently has a consensus rating of “Buy” and an average price target of $72.25.

Tectonic Therapeutic Trading Up 0.1 %

The company has a fifty day moving average price of $38.19. The stock has a market cap of $734.85 million, a PE ratio of -8.45 and a beta of 2.60.

Insider Activity at Tectonic Therapeutic

In related news, Director Timothy A. Springer purchased 300,000 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The stock was purchased at an average price of $33.59 per share, with a total value of $10,077,000.00. Following the completion of the purchase, the director now owns 4,096,764 shares of the company’s stock, valued at approximately $137,610,302.76. The trade was a 7.90 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 9.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of TECX. Acadian Asset Management LLC purchased a new stake in shares of Tectonic Therapeutic in the 2nd quarter worth approximately $1,804,000. Atlas Venture Life Science Advisors LLC acquired a new stake in Tectonic Therapeutic in the 2nd quarter worth approximately $6,233,000. Renaissance Technologies LLC purchased a new stake in shares of Tectonic Therapeutic during the second quarter valued at $1,466,000. Farallon Capital Management LLC purchased a new stake in Tectonic Therapeutic during the 2nd quarter valued at about $7,099,000. Finally, Affinity Asset Advisors LLC acquired a new position in Tectonic Therapeutic in the 2nd quarter worth approximately $961,000. Institutional investors own 62.63% of the company’s stock.

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.