Tectonic Therapeutic (NASDAQ:TECX) Sets New 1-Year High - Here's What Happened

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) reached a new 52-week high on Tuesday . The company traded as high as $34.70 and last traded at $34.40, with a volume of 29912 shares traded. The stock had previously closed at $33.75.

Analysts Set New Price Targets

TECX has been the topic of a number of recent research reports. Piper Sandler initiated coverage on Tectonic Therapeutic in a research note on Wednesday, June 26th. They set an "overweight" rating and a $76.00 price objective on the stock. Wells Fargo & Company assumed coverage on Tectonic Therapeutic in a research note on Thursday, August 22nd. They set an "overweight" rating and a $55.00 price objective on the stock. Leerink Partners assumed coverage on Tectonic Therapeutic in a research note on Wednesday, July 24th. They issued an "outperform" rating and a $49.00 price target on the stock. TD Cowen assumed coverage on Tectonic Therapeutic in a research note on Monday, June 24th. They issued a "buy" rating on the stock. Finally, Leerink Partnrs raised Tectonic Therapeutic to a "strong-buy" rating in a research note on Wednesday, July 24th. Four equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $60.00.

Tectonic Therapeutic Trading Up 0.5 %

The firm's 50 day simple moving average is $21.99. The firm has a market capitalization of $1.52 billion, a price-to-earnings ratio of 49.17 and a beta of 2.63.

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) last posted its earnings results on Wednesday, August 14th. The company reported ($3.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.96) by ($1.85). Research analysts predict that Tectonic Therapeutic will post -4.91 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Timothy A. Springer bought 50,000 shares of the firm's stock in a transaction that occurred on Thursday, September 26th. The shares were purchased at an average price of $28.82 per share, with a total value of $1,441,000.00. Following the purchase, the director now owns 3,796,764 shares in the company, valued at approximately $109,422,738.48. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 9.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Tectonic Therapeutic

Several large investors have recently bought and sold shares of the stock. Vida Ventures Advisors LLC purchased a new stake in Tectonic Therapeutic during the 3rd quarter worth about $31,169,000. Farallon Capital Management LLC purchased a new stake in Tectonic Therapeutic during the 2nd quarter worth about $7,099,000. Atlas Venture Life Science Advisors LLC purchased a new stake in Tectonic Therapeutic during the 2nd quarter worth about $6,233,000. Acadian Asset Management LLC purchased a new stake in Tectonic Therapeutic during the 2nd quarter worth about $1,804,000. Finally, Renaissance Technologies LLC purchased a new stake in Tectonic Therapeutic during the 2nd quarter worth about $1,466,000. Hedge funds and other institutional investors own 62.63% of the company's stock.

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.