Tectonic Therapeutic (NASDAQ:TECX) Hits New 1-Year High Following Analyst Upgrade

Tectonic Therapeutic (NASDAQ:TECX) shares hit a new 52-week high during mid-day trading on Wednesday after Wells Fargo & Company raised their price target on the stock from $55.00 to $79.00. Wells Fargo & Company currently has an overweight rating on the stock. Tectonic Therapeutic traded as high as $49.95 and last traded at $49.95, with a volume of 640 shares traded. The stock had previously closed at $47.75.

Several other research firms have also weighed in on TECX. Leerink Partnrs upgraded shares of Tectonic Therapeutic to a “strong-buy” rating in a research note on Wednesday, July 24th. Leerink Partners upped their price target on shares of Tectonic Therapeutic from $49.00 to $69.00 and gave the company an “outperform” rating in a report on Monday. 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 MarketBeat, the company presently has an average rating of “Buy” and an average price target of $74.67.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Acadian Asset Management LLC purchased a new position in shares of Tectonic Therapeutic in the 2nd quarter worth about $1,804,000. Atlas Venture Life Science Advisors LLC bought a new position in shares of Tectonic Therapeutic during the second quarter valued at $6,233,000. Renaissance Technologies LLC bought a new stake in Tectonic Therapeutic in the 2nd quarter worth about $1,466,000. Farallon Capital Management LLC purchased a new position in shares of Tectonic Therapeutic in the 2nd quarter worth $7,099,000. Finally, Affinity Asset Advisors LLC purchased a new stake in Tectonic Therapeutic during the second quarter valued at approximately $961,000. 62.63% of the stock is currently owned by institutional investors.

Tectonic Therapeutic Price Performance

The stock has a 50-day moving average price of $31.16.

Tectonic Therapeutic (NASDAQ:TECX) last posted its earnings results on Wednesday, August 14th. The company reported ($3.81) EPS for the quarter, missing analysts’ consensus estimates of ($1.96) by ($1.85). Analysts forecast that Tectonic Therapeutic will post -7.76 earnings per share for the current fiscal year.

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.