Raymond James Begins Coverage on Tectonic Therapeutic (NASDAQ:TECX)

Equities researchers at Raymond James began coverage on shares of Tectonic Therapeutic (NASDAQ:TECX) in a report issued on Wednesday, Marketbeat reports. The firm set an “outperform” rating and a $65.00 price target on the stock. Raymond James’ price objective indicates a potential upside of 44.80% from the company’s current price.

A number of other analysts have also recently weighed in on the stock. Leerink Partnrs raised shares of Tectonic Therapeutic to a “strong-buy” rating in a research note on Wednesday, July 24th. Wells Fargo & Company raised their price objective on Tectonic Therapeutic from $55.00 to $79.00 and gave the company an “overweight” rating in a report on Tuesday, November 12th. Finally, Leerink Partners boosted their price objective on Tectonic Therapeutic from $49.00 to $69.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $72.25.

Tectonic Therapeutic Stock Performance

Shares of NASDAQ TECX opened at $44.89 on Wednesday. The firm has a market capitalization of $662.13 million, a P/E ratio of -7.62 and a beta of 2.60. Tectonic Therapeutic has a 12 month low of $12.12 and a 12 month high of $48.63. The business’s 50-day simple moving average is $34.62.

Insider Transactions at Tectonic Therapeutic

In related news, Director Timothy A. Springer purchased 50,000 shares of the firm’s stock in a transaction dated Thursday, September 26th. The stock was bought 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 owns 3,796,764 shares in the company, valued at approximately $109,422,738.48. This represents a 1.33 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. 9.20% of the stock is owned by company insiders.

Institutional Trading of Tectonic Therapeutic

Institutional investors have recently added to or reduced their stakes in the stock. FMR LLC raised its holdings in Tectonic Therapeutic by 13.2% during the 3rd quarter. FMR LLC now owns 1,220,138 shares of the company’s stock worth $36,970,000 after purchasing an additional 142,600 shares during the last quarter. Vida Ventures Advisors LLC bought a new position in Tectonic Therapeutic during the third quarter worth $31,169,000. Farallon Capital Management LLC acquired a new position in Tectonic Therapeutic in the second quarter valued at $7,099,000. Atlas Venture Life Science Advisors LLC bought a new stake in Tectonic Therapeutic during the second quarter valued at $6,233,000. Finally, Ikarian Capital LLC grew its holdings in Tectonic Therapeutic by 325.1% during the 3rd quarter. Ikarian Capital LLC now owns 267,145 shares of the company’s stock worth $8,094,000 after acquiring an additional 204,309 shares during the period. 62.63% of the stock is currently owned by 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.