Brokerages Set Tectonic Therapeutic (NASDAQ:TECX) Price Target at $72.25

Tectonic Therapeutic (NASDAQ:TECX) has been given an average recommendation of “Buy” by the six analysts that are covering the stock, Marketbeat reports. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $72.25.

A number of analysts recently weighed in on TECX shares. Wells Fargo & Company raised their price target on shares of Tectonic Therapeutic from $55.00 to $79.00 and gave the company an “overweight” rating in a report on Tuesday, November 12th. Leerink Partners lifted their target price on Tectonic Therapeutic from $49.00 to $69.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Finally, Raymond James began coverage on Tectonic Therapeutic in a research note on Wednesday, November 20th. They set an “outperform” rating and a $65.00 price target on the stock.

Insider Transactions at Tectonic Therapeutic

In other news, Director Timothy A. Springer bought 300,000 shares of the business’s stock in a transaction 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 completion of the acquisition, the director now owns 4,096,764 shares in the company, valued at approximately $137,610,302.76. This trade represents a 7.90 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 9.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Tectonic Therapeutic

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

Tectonic Therapeutic Trading Down 8.5 %

Tectonic Therapeutic stock opened at $40.16 on Thursday. Tectonic Therapeutic has a 52 week low of $12.12 and a 52 week high of $53.41. The stock has a market cap of $592.48 million, a P/E ratio of -6.82 and a beta of 2.63. The stock has a 50 day moving average of $46.57 and a 200-day moving average of $30.93.

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.