Short Interest in Tectonic Therapeutic (NASDAQ:TECX) Increases By 258.0%

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) was the target of a large growth in short interest in the month of September. As of September 30th, there was short interest totalling 303,900 shares, a growth of 258.0% from the September 15th total of 84,900 shares. Based on an average daily trading volume, of 72,400 shares, the days-to-cover ratio is presently 4.2 days. Approximately 3.9% of the company's stock are short sold.

Insiders Place Their Bets

In related news, Director Timothy A. Springer purchased 50,000 shares of the business's stock in a transaction dated Thursday, September 26th. The shares were acquired at an average cost of $28.82 per share, for a total transaction of $1,441,000.00. Following the acquisition, the director now owns 3,796,764 shares of the company's stock, valued at $109,422,738.48. The trade was a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 9.20% of the company's stock.

Institutional Trading of Tectonic Therapeutic

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

Tectonic Therapeutic Price Performance

Tectonic Therapeutic stock traded down $0.18 during midday trading on Thursday, hitting $31.00. 47,906 shares of the company were exchanged, compared to its average volume of 40,047. The stock's fifty day simple moving average is $20.76. The company has a market cap of $1.39 billion, a price-to-earnings ratio of 45.19 and a beta of 2.63. Tectonic Therapeutic has a fifty-two week low of $12.12 and a fifty-two week high of $34.50.

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

Analysts Set New Price Targets

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.