Geode Capital Management LLC Boosts Stock Position in Tectonic Therapeutic (NASDAQ:TECX)

Geode Capital Management LLC grew its holdings in shares of Tectonic Therapeutic (NASDAQ:TECX) by 147.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 76,879 shares of the company’s stock after purchasing an additional 45,846 shares during the quarter. Geode Capital Management LLC owned approximately 0.52% of Tectonic Therapeutic worth $2,331,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in TECX. FMR LLC increased its holdings in Tectonic Therapeutic by 13.2% in the 3rd quarter. FMR LLC now owns 1,220,138 shares of the company’s stock worth $36,970,000 after acquiring an additional 142,600 shares during the last quarter. Vida Ventures Advisors LLC bought a new position in Tectonic Therapeutic in the 3rd quarter worth approximately $31,169,000. Farallon Capital Management LLC bought a new position in Tectonic Therapeutic in the 2nd quarter worth approximately $7,099,000. Atlas Venture Life Science Advisors LLC purchased a new position in Tectonic Therapeutic in the 2nd quarter valued at approximately $6,233,000. Finally, Ikarian Capital LLC raised 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 valued at $8,094,000 after acquiring an additional 204,309 shares during the period. 62.63% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Leerink Partners raised their price target on Tectonic Therapeutic from $49.00 to $69.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Raymond James started coverage on shares of Tectonic Therapeutic in a research report on Wednesday, November 20th. They issued an “outperform” rating and a $65.00 price objective for the company. Finally, Wells Fargo & Company upped their target price on shares of Tectonic Therapeutic from $55.00 to $79.00 and gave the stock an “overweight” rating in a report on Tuesday, November 12th. Five equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $72.25.

Tectonic Therapeutic Price Performance

Shares of Tectonic Therapeutic stock opened at $46.57 on Wednesday. The company has a 50 day simple moving average of $46.47 and a two-hundred day simple moving average of $30.47. The firm has a market cap of $687.05 million, a PE ratio of -7.91 and a beta of 2.63. Tectonic Therapeutic has a 1 year low of $12.12 and a 1 year high of $53.41.

Insider Transactions at Tectonic Therapeutic

In other news, Director Timothy A. Springer acquired 300,000 shares of Tectonic Therapeutic stock in a transaction dated Tuesday, October 22nd. The shares were purchased at an average cost of $33.59 per share, for a total transaction of $10,077,000.00. Following the transaction, the director now owns 4,096,764 shares of the company’s stock, valued at $137,610,302.76. This trade represents a 7.90 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 9.20% of the stock is currently owned by insiders.

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.