Tectonic Therapeutic (NASDAQ:TECX) Stock Price Down 7.1% – Time to Sell?

Tectonic Therapeutic (NASDAQ:TECX)’s share price dropped 7.1% during mid-day trading on Wednesday . The company traded as low as $44.16 and last traded at $44.16. Approximately 50,935 shares changed hands during trading, a decline of 5% from the average daily volume of 53,860 shares. The stock had previously closed at $47.53.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Leerink Partners increased their price target on shares of Tectonic Therapeutic from $49.00 to $69.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Wells Fargo & Company increased their target price on Tectonic Therapeutic from $55.00 to $79.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 12th. Finally, Raymond James started coverage on Tectonic Therapeutic in a research note on Wednesday, November 20th. They issued an “outperform” rating and a $65.00 price target on the stock. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $72.25.

Tectonic Therapeutic Trading Up 7.7 %

The stock has a market capitalization of $699.88 million, a price-to-earnings ratio of -8.05 and a beta of 2.60. The firm has a 50 day moving average of $43.44.

Insider Buying and Selling

In related news, Director Timothy A. Springer purchased 300,000 shares of the company’s stock in a transaction 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 owns 4,096,764 shares of the company’s stock, valued at approximately $137,610,302.76. This represents a 7.90 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 9.20% of the company’s stock.

Institutional Trading of Tectonic Therapeutic

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Nordwand Advisors LLC acquired a new position in shares of Tectonic Therapeutic in the third quarter valued at approximately $45,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Tectonic Therapeutic in the 3rd quarter worth approximately $233,000. Acuta Capital Partners LLC acquired a new position in Tectonic Therapeutic in the 3rd quarter valued at $415,000. Affinity Asset Advisors LLC purchased a new position in shares of Tectonic Therapeutic during the 2nd quarter worth $961,000. Finally, Exome Asset Management LLC boosted its holdings in shares of Tectonic Therapeutic by 12.2% during the third quarter. Exome Asset Management LLC now owns 36,344 shares of the company’s stock worth $1,101,000 after purchasing an additional 3,955 shares during the last quarter. Hedge funds and other institutional investors 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.