Tectonic Therapeutic (NASDAQ:TECX) Price Target Raised to $69.00

Tectonic Therapeutic (NASDAQ:TECX) had its target price boosted by Leerink Partners from $49.00 to $69.00 in a research report sent to investors on Monday,Benzinga reports. The firm currently has an outperform rating on the stock.

A number of other brokerages also recently commented on TECX. Wells Fargo & Company assumed coverage on Tectonic Therapeutic in a research report on Thursday, August 22nd. They set an “overweight” rating and a $55.00 price objective for the company. Leerink Partnrs upgraded 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 MarketBeat, Tectonic Therapeutic presently has a consensus rating of “Buy” and a consensus price target of $74.67.

Tectonic Therapeutic Price Performance

TECX opened at $46.74 on Monday. Tectonic Therapeutic has a 1-year low of $12.12 and a 1-year high of $48.63. The business has a 50 day moving average price of $31.16.

Tectonic Therapeutic (NASDAQ:TECX) last released 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). On average, analysts predict that Tectonic Therapeutic will post -7.76 EPS for the current fiscal year.

Insider Activity

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

Institutional Trading of Tectonic Therapeutic

Several hedge funds and other institutional investors have recently modified their holdings of the company. FMR LLC raised its holdings in shares of Tectonic Therapeutic by 13.2% during the third quarter. FMR LLC now owns 1,220,138 shares of the company’s stock worth $36,970,000 after acquiring an additional 142,600 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Tectonic Therapeutic during the third quarter worth $233,000. Nordwand Advisors LLC purchased a new stake in shares of Tectonic Therapeutic during the third quarter worth $45,000. Vida Ventures Advisors LLC bought a new position in Tectonic Therapeutic during the third quarter valued at about $31,169,000. Finally, Affinity Asset Advisors LLC bought a new position in Tectonic Therapeutic during the second quarter valued at about $961,000. 62.63% of the stock is currently owned by hedge funds and other institutional investors.

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.