Farallon Capital Management LLC Makes New $7.10 Million Investment in Tectonic Therapeutic (NASDAQ:TECX)

Farallon Capital Management LLC purchased a new position in shares of Tectonic Therapeutic (NASDAQ:TECX) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 431,010 shares of the company’s stock, valued at approximately $7,099,000. Farallon Capital Management LLC owned approximately 0.96% of Tectonic Therapeutic at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. Acadian Asset Management LLC purchased a new stake in Tectonic Therapeutic in the 2nd quarter worth approximately $1,804,000. Atlas Venture Life Science Advisors LLC acquired a new stake in shares of Tectonic Therapeutic during the second quarter worth $6,233,000. Finally, Renaissance Technologies LLC purchased a new stake in shares of Tectonic Therapeutic in the second quarter valued at $1,466,000. Institutional investors and hedge funds own 62.63% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. Wells Fargo & Company assumed coverage on Tectonic Therapeutic in a research note on Thursday, August 22nd. They issued an “overweight” rating and a $55.00 price target on the stock. TD Cowen initiated coverage on shares of Tectonic Therapeutic in a report on Monday, June 24th. They issued a “buy” rating on the stock. Piper Sandler began coverage on shares of Tectonic Therapeutic in a research note on Wednesday, June 26th. They set an “overweight” rating and a $76.00 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, Leerink Partners assumed coverage on shares of Tectonic Therapeutic in a research report on Wednesday, July 24th. They set an “outperform” rating and a $49.00 price target for the company. Four analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $60.00.

Tectonic Therapeutic Price Performance

Shares of NASDAQ:TECX opened at $20.92 on Tuesday. The firm has a 50 day moving average price of $17.61. Tectonic Therapeutic has a 52-week low of $12.12 and a 52-week high of $20.98. The firm has a market capitalization of $939.18 million, a P/E ratio of 30.32 and a beta of 2.59.

Tectonic Therapeutic (NASDAQ:TECX) last released its quarterly 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, equities research analysts anticipate that Tectonic Therapeutic will post -4.91 EPS for the current year.

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.