Renaissance Technologies LLC Makes New $1.47 Million Investment in Tectonic Therapeutic (NASDAQ:TECX)

Renaissance Technologies LLC bought a new stake in Tectonic Therapeutic (NASDAQ:TECX - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 89,029 shares of the company's stock, valued at approximately $1,466,000. Renaissance Technologies LLC owned 0.20% of Tectonic Therapeutic as of its most recent SEC filing.

Separately, Acadian Asset Management LLC acquired a new position in shares of Tectonic Therapeutic in the 2nd quarter valued at about $1,804,000. 62.63% of the stock is owned by hedge funds and other institutional investors.

Tectonic Therapeutic Stock Performance

Shares of TECX stock traded up $3.34 on Friday, hitting $33.02. The stock had a trading volume of 238,711 shares, compared to its average volume of 39,291. Tectonic Therapeutic has a 12-month low of $12.12 and a 12-month high of $33.30. The company has a market cap of $1.48 billion, a PE ratio of 47.86 and a beta of 2.63. The company's 50 day moving average is $19.93.

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). As a group, equities analysts forecast that Tectonic Therapeutic will post -4.91 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on TECX shares. TD Cowen initiated coverage on Tectonic Therapeutic in a report on Monday, June 24th. They issued a "buy" rating for the company. Leerink Partners started coverage on Tectonic Therapeutic in a research note on Wednesday, July 24th. They set an "outperform" rating and a $49.00 price target on the stock. Leerink Partnrs raised shares of Tectonic Therapeutic to a "strong-buy" rating in a research note on Wednesday, July 24th. Piper Sandler started coverage on shares of Tectonic Therapeutic in a research report on Wednesday, June 26th. They set an "overweight" rating and a $76.00 target price for the company. Finally, Wells Fargo & Company assumed coverage on shares of Tectonic Therapeutic in a research report on Thursday, August 22nd. They issued an "overweight" rating and a $55.00 price target on the stock. Four equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $60.00.

Insiders Place Their Bets

In other Tectonic Therapeutic news, Director Timothy A. Springer bought 50,000 shares of the firm's stock in a transaction dated Thursday, September 26th. The stock was purchased at an average cost of $28.82 per share, with a total value of $1,441,000.00. Following the transaction, the director now directly owns 3,796,764 shares in the company, valued at $109,422,738.48. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 9.20% 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.