Tectonic Therapeutic (NASDAQ:TECX) Hits New 52-Week High - Here's Why

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report)'s share price reached a new 52-week high on Friday . The company traded as high as $31.70 and last traded at $31.68, with a volume of 59266 shares changing hands. The stock had previously closed at $29.68.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Leerink Partnrs upgraded Tectonic Therapeutic to a "strong-buy" rating in a research report on Wednesday, July 24th. Wells Fargo & Company began coverage on Tectonic Therapeutic in a report on Thursday, August 22nd. They set an "overweight" rating and a $55.00 price objective on the stock. TD Cowen started coverage on Tectonic Therapeutic in a report on Monday, June 24th. They set a "buy" rating for the company. Piper Sandler began coverage on Tectonic Therapeutic in a research report on Wednesday, June 26th. They set an "overweight" rating and a $76.00 price target on the stock. Finally, Leerink Partners assumed coverage on shares of Tectonic Therapeutic in a research report on Wednesday, July 24th. They issued an "outperform" rating and a $49.00 price objective for the company. Four research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus price target of $60.00.

Tectonic Therapeutic Trading Up 11.3 %

The business's 50 day simple moving average is $19.62. The firm has a market capitalization of $1.48 billion, a P/E ratio of 47.86 and a beta of 2.63.

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) last issued its quarterly earnings results on Wednesday, August 14th. The company reported ($3.81) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.96) by ($1.85). On average, equities analysts forecast that Tectonic Therapeutic will post -4.91 EPS for the current fiscal year.

Insider Buying and Selling at Tectonic Therapeutic

In related news, Director Timothy A. Springer purchased 50,000 shares of the business's stock in a transaction on Thursday, September 26th. The stock was acquired at an average price of $28.82 per share, with a total value of $1,441,000.00. Following the purchase, the director now directly owns 3,796,764 shares in the company, valued at approximately $109,422,738.48. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 9.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Tectonic Therapeutic

Several hedge funds have recently added to or reduced their stakes in TECX. Affinity Asset Advisors LLC purchased a new stake in shares of Tectonic Therapeutic in the 2nd quarter valued at $961,000. Renaissance Technologies LLC purchased a new stake in Tectonic Therapeutic during the second quarter valued at about $1,466,000. Acadian Asset Management LLC bought a new position in shares of Tectonic Therapeutic during the second quarter valued at about $1,804,000. Atlas Venture Life Science Advisors LLC bought a new position in shares of Tectonic Therapeutic during the second quarter valued at about $6,233,000. Finally, Farallon Capital Management LLC purchased a new position in shares of Tectonic Therapeutic in the second quarter worth about $7,099,000. Institutional investors own 62.63% of the company's stock.

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.