Connor Clark & Lunn Investment Management Ltd. Acquires New Holdings in Tectonic Therapeutic (NASDAQ:TECX)

Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Tectonic Therapeutic (NASDAQ:TECX) during the third quarter, according to its most recent Form 13F filing with the SEC. The fund bought 7,702 shares of the company’s stock, valued at approximately $233,000. Connor Clark & Lunn Investment Management Ltd. owned about 0.05% of Tectonic Therapeutic at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Nordwand Advisors LLC acquired a new position in shares of Tectonic Therapeutic during the third quarter worth $45,000. Affinity Asset Advisors LLC acquired a new position in Tectonic Therapeutic during the 2nd quarter worth about $961,000. Renaissance Technologies LLC bought a new stake in shares of Tectonic Therapeutic in the 2nd quarter valued at about $1,466,000. Acadian Asset Management LLC acquired a new stake in shares of Tectonic Therapeutic in the second quarter valued at about $1,804,000. Finally, Atlas Venture Life Science Advisors LLC bought a new position in shares of Tectonic Therapeutic during the second quarter worth about $6,233,000. 62.63% of the stock is currently owned by institutional investors and hedge funds.

Tectonic Therapeutic Price Performance

Tectonic Therapeutic stock opened at $49.78 on Monday. The company has a market cap of $734.26 million, a PE ratio of -8.45 and a beta of 2.60. Tectonic Therapeutic has a 52-week low of $12.12 and a 52-week high of $51.11. The stock’s 50 day simple moving average is $38.19.

Insider Buying and Selling

In other news, Director Timothy A. Springer purchased 50,000 shares of the business’s stock in a transaction on Thursday, September 26th. The shares were acquired at an average price 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 1.33 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 9.20% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages recently commented on TECX. Raymond James began coverage on Tectonic Therapeutic in a report on Wednesday, November 20th. They issued an “outperform” rating and a $65.00 target price on the stock. Leerink Partners upped their price objective on shares of Tectonic Therapeutic from $49.00 to $69.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Finally, Wells Fargo & Company lifted their target price on shares of Tectonic Therapeutic from $55.00 to $79.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 12th. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Tectonic Therapeutic has an average rating of “Buy” and a consensus price target of $72.25.

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.