Tectonic Therapeutic (NASDAQ:TECX) Sets New 52-Week High Following Insider Buying Activity

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Friday after an insider bought additional shares in the company. The company traded as high as $38.10 and last traded at $37.61, with a volume of 7273 shares trading hands. The stock had previously closed at $36.40.

Specifically, Director Timothy A. Springer bought 300,000 shares of the stock in a transaction on Tuesday, October 22nd. The shares were bought at an average price of $33.59 per share, with a total value of $10,077,000.00. Following the completion of the acquisition, the director now owns 4,096,764 shares of the company's stock, valued at approximately $137,610,302.76. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Analyst Ratings Changes

Several research analysts recently issued reports on TECX shares. Wells Fargo & Company assumed coverage on Tectonic Therapeutic in a research report on Thursday, August 22nd. They set an "overweight" rating and a $55.00 price objective for the company. Leerink Partnrs upgraded Tectonic Therapeutic to a "strong-buy" rating in a research report on Wednesday, July 24th. Finally, Leerink Partners assumed coverage on Tectonic Therapeutic in a research note on Wednesday, July 24th. They set an "outperform" rating and a $49.00 price objective on the stock. Four analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $60.00.

Tectonic Therapeutic Price Performance

The stock has a market capitalization of $1.74 billion, a PE ratio of 56.52 and a beta of 2.63. The stock has a 50 day moving average of $24.77.

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) last posted its quarterly earnings results on Wednesday, August 14th. The company reported ($3.81) EPS for the quarter, missing the consensus estimate of ($1.96) by ($1.85). As a group, sell-side analysts forecast that Tectonic Therapeutic will post -4.91 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of TECX. Vida Ventures Advisors LLC purchased a new position in shares of Tectonic Therapeutic in the 3rd quarter valued at $31,169,000. Farallon Capital Management LLC acquired a new position in shares of Tectonic Therapeutic during the second quarter worth about $7,099,000. Atlas Venture Life Science Advisors LLC purchased a new position in Tectonic Therapeutic in the 2nd quarter worth approximately $6,233,000. Acadian Asset Management LLC acquired a new stake in Tectonic Therapeutic during the 2nd quarter valued at $1,804,000. Finally, Renaissance Technologies LLC acquired a new stake in shares of Tectonic Therapeutic during the second quarter valued at 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.