Tectonic Therapeutic (NASDAQ:TECX) Sets New 1-Year High - Time to Buy?

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report)'s stock price reached a new 52-week high during trading on Friday . The company traded as high as $41.60 and last traded at $41.00, with a volume of 40677 shares traded. The stock had previously closed at $41.03.

Analysts Set New Price Targets

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

Tectonic Therapeutic Trading Down 0.4 %

The stock's fifty day simple moving average is $27.11. The firm has a market cap of $602.16 million, a P/E ratio of -7.88 and a beta of 2.63.

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) last released its quarterly earnings data 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). As a group, equities analysts predict that Tectonic Therapeutic will post -4.91 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Timothy A. Springer purchased 300,000 shares of the company's stock in a transaction dated Tuesday, October 22nd. The shares were acquired at an average price of $33.59 per share, with a total value 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 represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Tectonic Therapeutic news, Director Timothy A. Springer acquired 50,000 shares of Tectonic Therapeutic stock in a transaction that occurred on Thursday, September 26th. The stock was bought at an average price of $28.82 per share, with a total value of $1,441,000.00. Following the completion of the purchase, the director now directly owns 3,796,764 shares of the company's stock, valued at approximately $109,422,738.48. This represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Timothy A. Springer bought 300,000 shares of the company's stock in a transaction on Tuesday, October 22nd. The shares were bought at an average cost of $33.59 per share, for a total transaction of $10,077,000.00. Following the transaction, the director now directly owns 4,096,764 shares in the company, valued at approximately $137,610,302.76. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. 9.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Tectonic Therapeutic

A number of hedge funds have recently made changes to their positions in the stock. Affinity Asset Advisors LLC purchased a new stake in Tectonic Therapeutic during the 2nd quarter worth approximately $961,000. Renaissance Technologies LLC purchased a new stake in shares of Tectonic Therapeutic during the second quarter valued at $1,466,000. Acadian Asset Management LLC acquired a new position in shares of Tectonic Therapeutic in the 2nd quarter valued at $1,804,000. Atlas Venture Life Science Advisors LLC purchased a new position in Tectonic Therapeutic in the 2nd quarter worth $6,233,000. Finally, Farallon Capital Management LLC acquired a new stake in Tectonic Therapeutic during the 2nd quarter worth about $7,099,000. 62.63% of the stock is currently owned by hedge funds and other institutional investors.

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.