Ikarian Capital LLC Grows Stock Position in Tectonic Therapeutic (NASDAQ:TECX)

Ikarian Capital LLC grew its holdings in shares of Tectonic Therapeutic (NASDAQ:TECX) by 325.1% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 267,145 shares of the company’s stock after purchasing an additional 204,309 shares during the quarter. Tectonic Therapeutic makes up approximately 1.1% of Ikarian Capital LLC’s holdings, making the stock its 17th biggest position. Ikarian Capital LLC owned about 1.81% of Tectonic Therapeutic worth $8,094,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Nordwand Advisors LLC purchased a new stake in shares of Tectonic Therapeutic during the 3rd quarter valued at about $45,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Tectonic Therapeutic during the 3rd quarter valued at about $233,000. Acuta Capital Partners LLC purchased a new stake in shares of Tectonic Therapeutic during the 3rd quarter valued at about $415,000. Affinity Asset Advisors LLC purchased a new stake in shares of Tectonic Therapeutic during the 2nd quarter valued at about $961,000. Finally, Walleye Capital LLC increased its position in shares of Tectonic Therapeutic by 204.2% during the 3rd quarter. Walleye Capital LLC now owns 72,962 shares of the company’s stock valued at $2,211,000 after purchasing an additional 48,978 shares during the last quarter. Hedge funds and other institutional investors own 62.63% of the company’s stock.

Insiders Place Their Bets

In other Tectonic Therapeutic news, Director Timothy A. Springer purchased 300,000 shares of the company’s stock in a transaction on Tuesday, October 22nd. The stock was acquired at an average cost of $33.59 per share, for a total transaction of $10,077,000.00. Following the purchase, the director now directly owns 4,096,764 shares of the company’s stock, valued at $137,610,302.76. This trade represents a 7.90 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 9.20% of the stock is currently owned by corporate insiders.

Tectonic Therapeutic Price Performance

TECX stock traded up $1.19 during midday trading on Tuesday, hitting $51.52. The company’s stock had a trading volume of 5,051 shares, compared to its average volume of 52,545. Tectonic Therapeutic has a 12 month low of $12.12 and a 12 month high of $51.52. The business has a 50 day moving average price of $38.19.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Wells Fargo & Company upped their price target on shares of Tectonic Therapeutic from $55.00 to $79.00 and gave the company an “overweight” rating in a research report on Tuesday, November 12th. Leerink Partners boosted their price objective on Tectonic Therapeutic from $49.00 to $69.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Finally, Raymond James started coverage on Tectonic Therapeutic in a research note on Wednesday, November 20th. They set an “outperform” rating and a $65.00 price objective for the company. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $72.25.

Tectonic Therapeutic 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.