Brokerages Set Tectonic Therapeutic (NASDAQ:TECX) Target Price at $72.25

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) has been given a consensus rating of "Buy" by the six analysts that are currently covering the firm, MarketBeat Ratings reports. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $72.25.

A number of equities research analysts have commented on TECX shares. Wells Fargo & Company increased their target price on Tectonic Therapeutic from $55.00 to $79.00 and gave the company an "overweight" rating in a report on Tuesday, November 12th. Leerink Partners upped their target price on shares of Tectonic Therapeutic from $49.00 to $69.00 and gave the company an "outperform" rating in a report on Monday, November 11th. Finally, Raymond James initiated coverage on shares of Tectonic Therapeutic in a research note on Wednesday, November 20th. They set an "outperform" rating and a $65.00 price target on the stock.

Insiders Place Their Bets

In related news, Director Timothy A. Springer purchased 300,000 shares of the firm's stock in a transaction on Tuesday, October 22nd. The shares were bought at an average price of $33.59 per share, for a total transaction of $10,077,000.00. Following the acquisition, the director now directly owns 4,096,764 shares in the company, valued at $137,610,302.76. This trade represents a 7.90 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this link. 9.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in TECX. FMR LLC lifted its position in Tectonic Therapeutic by 13.2% during the third quarter. FMR LLC now owns 1,220,138 shares of the company's stock valued at $36,970,000 after buying an additional 142,600 shares in the last quarter. Vida Ventures Advisors LLC purchased a new position in shares of Tectonic Therapeutic in the 3rd quarter valued at $31,169,000. Farallon Capital Management LLC acquired a new position in shares of Tectonic Therapeutic during the 2nd quarter valued at $7,099,000. Atlas Venture Life Science Advisors LLC purchased a new stake in Tectonic Therapeutic during the 2nd quarter worth $6,233,000. Finally, Ikarian Capital LLC increased its holdings in Tectonic Therapeutic by 325.1% in the 3rd quarter. Ikarian Capital LLC now owns 267,145 shares of the company's stock valued at $8,094,000 after purchasing an additional 204,309 shares in the last quarter. 62.63% of the stock is owned by hedge funds and other institutional investors.

Tectonic Therapeutic Trading Down 2.2 %

Shares of TECX stock traded down $1.03 during trading hours on Friday, hitting $45.33. The company's stock had a trading volume of 81,393 shares, compared to its average volume of 53,514. The stock has a fifty day moving average of $42.38. Tectonic Therapeutic has a twelve month low of $12.12 and a twelve month high of $53.34. The firm has a market capitalization of $668.75 million, a PE ratio of -7.70 and a beta of 2.60.

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.