Vida Ventures Advisors LLC Takes $31.17 Million Position in Tectonic Therapeutic (NASDAQ:TECX)

Vida Ventures Advisors LLC purchased a new stake in shares of Tectonic Therapeutic (NASDAQ:TECX - Free Report) during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 1,028,674 shares of the company's stock, valued at approximately $31,169,000. Tectonic Therapeutic accounts for approximately 22.5% of Vida Ventures Advisors LLC's holdings, making the stock its 2nd biggest holding. Vida Ventures Advisors LLC owned about 2.29% of Tectonic Therapeutic at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Affinity Asset Advisors LLC purchased a new stake in shares of Tectonic Therapeutic during the 2nd quarter valued at approximately $961,000. Renaissance Technologies LLC acquired a new stake in Tectonic Therapeutic in the 2nd quarter valued at approximately $1,466,000. Acadian Asset Management LLC acquired a new stake in Tectonic Therapeutic in the 2nd quarter valued at approximately $1,804,000. Atlas Venture Life Science Advisors LLC acquired a new stake in Tectonic Therapeutic in the 2nd quarter valued at approximately $6,233,000. Finally, Farallon Capital Management LLC acquired a new stake in Tectonic Therapeutic in the 2nd quarter valued at approximately $7,099,000. Hedge funds and other institutional investors own 62.63% of the company's stock.

Insider Buying and Selling

In other news, Director Timothy A. Springer bought 50,000 shares of the stock in a transaction that occurred on Thursday, September 26th. The stock was purchased at an average price of $28.82 per share, for a total transaction of $1,441,000.00. Following the completion of the purchase, the director now owns 3,796,764 shares in the company, valued at approximately $109,422,738.48. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 9.20% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on TECX. Leerink Partners began coverage on shares of Tectonic Therapeutic in a report on Wednesday, July 24th. They issued an "outperform" rating and a $49.00 target price for the company. Piper Sandler initiated coverage on shares of Tectonic Therapeutic in a report on Wednesday, June 26th. They issued an "overweight" rating and a $76.00 target price for the company. Leerink Partnrs upgraded shares of Tectonic Therapeutic to a "strong-buy" rating in a research note on Wednesday, July 24th. Wells Fargo & Company initiated coverage on shares of Tectonic Therapeutic in a research note on Thursday, August 22nd. They issued an "overweight" rating and a $55.00 price target for the company. Finally, TD Cowen initiated coverage on shares of Tectonic Therapeutic in a research note 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 given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $60.00.

Tectonic Therapeutic Stock Down 2.4 %

Shares of TECX stock traded down $0.76 on Wednesday, reaching $31.18. 58,884 shares of the stock were exchanged, compared to its average volume of 40,007. The company's 50 day moving average price is $20.49. The stock has a market cap of $1.40 billion, a P/E ratio of 46.29 and a beta of 2.63. Tectonic Therapeutic has a twelve month low of $12.12 and a twelve month high of $34.50.

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

Tectonic Therapeutic 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.