Tectonic Therapeutic (NASDAQ:TECX) Stock Price Down 7%

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) traded down 7% during mid-day trading on Tuesday . The company traded as low as $28.14 and last traded at $28.19. 27,728 shares changed hands during trading, a decline of 24% from the average session volume of 36,586 shares. The stock had previously closed at $30.30.

Analyst Ratings Changes

A number of research firms have weighed in on TECX. 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 objective for the company. Leerink Partnrs upgraded shares of Tectonic Therapeutic to a "strong-buy" rating in a research report on Wednesday, July 24th. Wells Fargo & Company began 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 for the company. Leerink Partners started coverage on shares of Tectonic Therapeutic in a research report on Wednesday, July 24th. They set an "outperform" rating and a $49.00 price objective for the company. Finally, TD Cowen started coverage on shares of Tectonic Therapeutic in a research report on Monday, June 24th. They issued a "buy" rating for the company. Four equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus price target of $60.00.

Tectonic Therapeutic Price Performance

The firm has a market cap of $1.26 billion, a price-to-earnings ratio of 40.58 and a beta of 2.59. The firm's 50-day moving average price is $19.11.

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). Equities research analysts predict that Tectonic Therapeutic will post -4.91 EPS for the current year.

Insider Buying and Selling

In other news, Director Timothy A. Springer acquired 50,000 shares of the business's stock in a transaction that occurred on Thursday, September 26th. The stock was purchased at an average cost of $28.82 per share, for a total transaction of $1,441,000.00. Following the completion of the transaction, the director now owns 3,796,764 shares in the company, valued at $109,422,738.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 9.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of TECX. Farallon Capital Management LLC purchased a new position in Tectonic Therapeutic during the second quarter worth about $7,099,000. Atlas Venture Life Science Advisors LLC purchased a new position in Tectonic Therapeutic during the second quarter worth about $6,233,000. Acadian Asset Management LLC purchased a new position in Tectonic Therapeutic during the second quarter worth about $1,804,000. Renaissance Technologies LLC purchased a new position in Tectonic Therapeutic during the second quarter worth about $1,466,000. Finally, Affinity Asset Advisors LLC purchased a new position in Tectonic Therapeutic during the second quarter worth about $961,000. 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.