Tectonic Therapeutic (NASDAQ:TECX) Hits New 12-Month High – Here’s What Happened

Tectonic Therapeutic (NASDAQ:TECX)’s share price reached a new 52-week high during trading on Thursday . The company traded as high as $45.50 and last traded at $45.10, with a volume of 23830 shares. The stock had previously closed at $44.85.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on TECX shares. Leerink Partners began coverage on Tectonic Therapeutic in a report on Wednesday, July 24th. They set an “outperform” rating and a $49.00 target price on the stock. Wells Fargo & Company initiated coverage on shares of Tectonic Therapeutic in a research report on Thursday, August 22nd. They issued an “overweight” rating and a $55.00 target price for the company. Finally, Leerink Partnrs raised shares of Tectonic Therapeutic to a “strong-buy” rating in a research note on Wednesday, July 24th. Four analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $60.00.

Tectonic Therapeutic Price Performance

The company’s fifty day moving average is $28.51. The company has a market capitalization of $675.55 million, a P/E ratio of -8.68 and a beta of 2.60.

Tectonic Therapeutic (NASDAQ:TECX) last posted its earnings results on Wednesday, August 14th. The company reported ($3.81) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.96) by ($1.85). Sell-side analysts expect that Tectonic Therapeutic will post -4.91 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Tectonic Therapeutic

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Nordwand Advisors LLC bought a new position in Tectonic Therapeutic during the 3rd quarter worth approximately $45,000. Affinity Asset Advisors LLC bought a new position in Tectonic Therapeutic during the second quarter worth $961,000. Renaissance Technologies LLC acquired a new position in Tectonic Therapeutic in the second quarter valued at $1,466,000. Acadian Asset Management LLC bought a new stake in Tectonic Therapeutic during the second quarter valued at $1,804,000. Finally, Atlas Venture Life Science Advisors LLC acquired a new stake in Tectonic Therapeutic during the 2nd quarter worth about $6,233,000. 62.63% of the stock is owned by institutional investors and hedge funds.

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.