Tectonic Therapeutic (NASDAQ:TECX) Shares Gap Up After Analyst Upgrade

Tectonic Therapeutic (NASDAQ:TECX) shares gapped up prior to trading on Tuesday after Wells Fargo & Company raised their price target on the stock from $55.00 to $79.00. The stock had previously closed at $46.07, but opened at $47.99. Wells Fargo & Company currently has an overweight rating on the stock. Tectonic Therapeutic shares last traded at $45.07, with a volume of 17,108 shares changing hands.

Several other brokerages have also commented on TECX. Leerink Partners increased their price target on shares of Tectonic Therapeutic from $49.00 to $69.00 and gave the company an “outperform” rating in a research note on Monday. Leerink Partnrs raised shares of Tectonic Therapeutic to a “strong-buy” rating in a research report on Wednesday, July 24th. Four investment 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 stock currently has a consensus rating of “Buy” and an average target price of $74.67.

Insider Buying and Selling

In other news, Director Timothy A. Springer acquired 300,000 shares of Tectonic Therapeutic stock in a transaction on Tuesday, October 22nd. The stock was bought at an average price of $33.59 per share, for a total transaction of $10,077,000.00. Following the completion of the purchase, the director now owns 4,096,764 shares in the company, valued at $137,610,302.76. This represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Tectonic Therapeutic news, Director Timothy A. Springer bought 50,000 shares of the firm’s stock in a transaction dated Thursday, September 26th. The stock was acquired at an average price of $28.82 per share, for a total transaction of $1,441,000.00. Following the completion of the purchase, the director now 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 filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Timothy A. Springer purchased 300,000 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The shares were bought at an average cost of $33.59 per share, for a total transaction of $10,077,000.00. Following the acquisition, the director now owns 4,096,764 shares of the company’s stock, valued at approximately $137,610,302.76. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 9.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of TECX. Affinity Asset Advisors LLC acquired a new stake in shares of Tectonic Therapeutic during the second quarter worth $961,000. Farallon Capital Management LLC acquired a new position in shares of Tectonic Therapeutic during the second quarter worth about $7,099,000. Vida Ventures Advisors LLC purchased a new position in Tectonic Therapeutic during the third quarter worth about $31,169,000. Renaissance Technologies LLC acquired a new stake in Tectonic Therapeutic in the second quarter valued at about $1,466,000. Finally, Acadian Asset Management LLC purchased a new stake in Tectonic Therapeutic in the 2nd quarter valued at approximately $1,804,000. 62.63% of the stock is currently owned by hedge funds and other institutional investors.

Tectonic Therapeutic Stock Performance

The firm has a market cap of $703.36 million, a P/E ratio of -7.74 and a beta of 2.60. The business has a 50-day moving average of $30.59.

Tectonic Therapeutic (NASDAQ:TECX) last announced its quarterly earnings data 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). As a group, analysts expect that Tectonic Therapeutic will post -4.91 earnings per share for the current fiscal year.

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.