Tectonic Therapeutic (NASDAQ:TECX) Shares Gap Down to $18.65

Tectonic Therapeutic (NASDAQ:TECX) gapped down prior to trading on Wednesday . The stock had previously closed at $18.65, but opened at $18.25. Tectonic Therapeutic shares last traded at $18.25, with a volume of 441 shares.

Analyst Ratings Changes

Several research analysts have recently weighed in on TECX shares. Wells Fargo & Company started coverage on shares of Tectonic Therapeutic in a report on Thursday, August 22nd. They issued an “overweight” rating and a $55.00 price target on the stock. TD Cowen assumed coverage on Tectonic Therapeutic in a research report on Monday, June 24th. They set a “buy” rating for the company. Leerink Partners started coverage on Tectonic Therapeutic in a report on Wednesday, July 24th. They set an “outperform” rating and a $49.00 price objective for the company. Leerink Partnrs raised shares of Tectonic Therapeutic to a “strong-buy” rating in a research note on Wednesday, July 24th. Finally, Piper Sandler began coverage on shares of Tectonic Therapeutic in a research note on Wednesday, June 26th. They issued an “overweight” rating and a $76.00 price target for the company. Four 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 company presently has an average rating of “Buy” and an average price target of $60.00.

Tectonic Therapeutic Stock Down 0.2 %

The company has a market capitalization of $835.48 million, a price-to-earnings ratio of 27.03 and a beta of 2.59. The business’s 50-day simple moving average is $17.42.

Tectonic Therapeutic (NASDAQ:TECX) last issued its quarterly earnings results on Wednesday, August 14th. The company reported ($3.81) earnings per share for the quarter, missing the consensus estimate of ($1.96) by ($1.85). As a group, analysts expect that Tectonic Therapeutic will post -4.91 EPS for the current year.

Hedge Funds Weigh In On Tectonic Therapeutic

Hedge funds have recently added to or reduced their stakes in the company. Affinity Asset Advisors LLC bought a new stake in Tectonic Therapeutic in the 2nd quarter worth approximately $961,000. Renaissance Technologies LLC bought a new stake in shares of Tectonic Therapeutic in the second quarter worth $1,466,000. Acadian Asset Management LLC purchased a new stake in Tectonic Therapeutic during the second quarter valued at $1,804,000. Atlas Venture Life Science Advisors LLC bought a new position in Tectonic Therapeutic in the second quarter valued at about $6,233,000. Finally, Farallon Capital Management LLC bought a new position in Tectonic Therapeutic in the second quarter valued at about $7,099,000. 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.