Tectonic Therapeutic (NASDAQ:TECX) Shares Down 4.5% – Time to Sell?

Tectonic Therapeutic (NASDAQ:TECX) shares were down 4.5% during trading on Wednesday . The company traded as low as $30.21 and last traded at $30.49. Approximately 15,783 shares traded hands during mid-day trading, a decline of 60% from the average daily volume of 39,786 shares. The stock had previously closed at $31.94.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. TD Cowen started coverage on shares of Tectonic Therapeutic in a research note on Monday, June 24th. They issued a “buy” rating for the company. Leerink Partners initiated 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. Leerink Partnrs raised Tectonic Therapeutic to a “strong-buy” rating in a report on Wednesday, July 24th. Piper Sandler began coverage on shares of Tectonic Therapeutic in a research note on Wednesday, June 26th. They set an “overweight” rating and a $76.00 target price for the company. Finally, Wells Fargo & Company began coverage on shares of Tectonic Therapeutic in a research report on Thursday, August 22nd. They set an “overweight” rating and a $55.00 price objective for the company. Four equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $60.00.

Tectonic Therapeutic Price Performance

The company has a market capitalization of $1.40 billion, a P/E ratio of 46.29 and a beta of 2.63. The firm has a fifty day simple moving average of $20.49.

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

Insider Activity

In other news, Director Timothy A. Springer bought 50,000 shares of the stock in a transaction that occurred on Thursday, September 26th. The stock was acquired at an average price of $28.82 per share, with a total value of $1,441,000.00. Following the completion of the purchase, the director now directly owns 3,796,764 shares of the company’s stock, valued at approximately $109,422,738.48. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Insiders own 9.20% of the company’s stock.

Institutional Investors Weigh In On Tectonic Therapeutic

A number of large investors have recently bought and sold shares of the stock. Farallon Capital Management LLC acquired a new position in shares of Tectonic Therapeutic during the second quarter valued at about $7,099,000. Affinity Asset Advisors LLC acquired a new position in shares of Tectonic Therapeutic during the second quarter valued at about $961,000. Renaissance Technologies LLC acquired a new position in shares of Tectonic Therapeutic during the second quarter valued at about $1,466,000. Acadian Asset Management LLC acquired a new position in shares of Tectonic Therapeutic during the second quarter valued at about $1,804,000. Finally, Vida Ventures Advisors LLC acquired a new position in shares of Tectonic Therapeutic during the third quarter valued at about $31,169,000. 62.63% of the stock is currently owned by institutional investors and hedge funds.

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.