Tectonic Therapeutic (NASDAQ:TECX) Shares Down 4.5% - Here's Why

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report)'s share price traded down 4.5% on Wednesday . The stock traded as low as $30.21 and last traded at $30.49. 15,783 shares traded hands during mid-day trading, a decline of 60% from the average session volume of 39,786 shares. The stock had previously closed at $31.94.

Analysts Set New Price Targets

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

Tectonic Therapeutic Stock Down 2.4 %

The business's 50-day moving average price is $20.49. The stock has a market cap of $1.40 billion, a PE ratio of 46.29 and a beta of 2.63.

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

Insider Buying and Selling

In other Tectonic Therapeutic news, Director Timothy A. Springer acquired 50,000 shares of Tectonic Therapeutic stock in a transaction on Thursday, September 26th. The shares were purchased at an average cost of $28.82 per share, with a total value of $1,441,000.00. Following the completion of the purchase, the director now owns 3,796,764 shares in the company, valued at $109,422,738.48. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 9.20% of the company's stock.

Institutional Investors Weigh In On Tectonic Therapeutic

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

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.