Tectonic Therapeutic (NASDAQ:TECX) Trading Down 2.9%

Tectonic Therapeutic (NASDAQ:TECX) was down 2.9% during trading on Tuesday . The company traded as low as $17.93 and last traded at $17.93. Approximately 2,757 shares were traded during trading, a decline of 89% from the average daily volume of 24,410 shares. The stock had previously closed at $18.47.

Analysts Set New Price Targets

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

Tectonic Therapeutic Trading Up 1.9 %

The firm’s 50-day simple moving average is $17.48. The company has a market cap of $852.99 million, a price-to-earnings ratio of 27.54 and a beta of 2.59.

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

Institutional Trading of Tectonic Therapeutic

Hedge funds have recently made changes to their positions in the stock. Farallon Capital Management LLC acquired a new position in Tectonic Therapeutic in the 2nd quarter valued at approximately $7,099,000. Atlas Venture Life Science Advisors LLC purchased a new position in shares of Tectonic Therapeutic during the 2nd quarter valued at $6,233,000. Acadian Asset Management LLC acquired a new position in shares of Tectonic Therapeutic in the second quarter worth $1,804,000. Renaissance Technologies LLC purchased a new stake in shares of Tectonic Therapeutic during the second quarter worth $1,466,000. Finally, Affinity Asset Advisors LLC acquired a new stake in Tectonic Therapeutic during the second quarter valued at $961,000. 62.63% of the stock is owned by hedge funds and other institutional investors.

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.