Tectonic Therapeutic (NASDAQ:TECX) Trading 5.8% Higher

Shares of Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) were up 5.8% during trading on Wednesday . The company traded as high as $29.69 and last traded at $29.61. Approximately 57,212 shares changed hands during trading, an increase of 53% from the average daily volume of 37,385 shares. The stock had previously closed at $28.00.

Analyst Ratings Changes

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

Tectonic Therapeutic Stock Performance

The business has a 50 day simple moving average of $19.37. The company has a market capitalization of $1.35 billion, a P/E ratio of 43.45 and a beta of 2.59.

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) last announced its quarterly 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 analysts forecast that Tectonic Therapeutic will post -4.91 earnings per share for the current fiscal year.

Insider Buying and Selling at Tectonic Therapeutic

In other news, Director Timothy A. Springer purchased 50,000 shares of Tectonic Therapeutic stock in a transaction dated 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 transaction, the director now owns 3,796,764 shares in the company, valued at $109,422,738.48. The purchase was disclosed in a document filed with the SEC, which is available through this link. 9.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Tectonic Therapeutic

Hedge funds have recently modified their holdings of the business. Farallon Capital Management LLC purchased a new stake in Tectonic Therapeutic in the 2nd quarter valued at about $7,099,000. Affinity Asset Advisors LLC purchased a new stake in shares of Tectonic Therapeutic in the 2nd quarter valued at approximately $961,000. Acadian Asset Management LLC acquired a new position in shares of Tectonic Therapeutic in the 2nd quarter worth approximately $1,804,000. Atlas Venture Life Science Advisors LLC purchased a new position in shares of Tectonic Therapeutic during the 2nd quarter worth approximately $6,233,000. Finally, Renaissance Technologies LLC acquired a new stake in Tectonic Therapeutic in the 2nd quarter valued at approximately $1,466,000. 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.