Tectonic Therapeutic (NASDAQ:TECX) Sets New 1-Year High - Here's What Happened

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $53.41 and last traded at $52.25, with a volume of 19113 shares. The stock had previously closed at $47.56.

Analyst Upgrades and Downgrades

Several research firms have recently commented on TECX. Wells Fargo & Company lifted their price target on Tectonic Therapeutic from $55.00 to $79.00 and gave the stock an "overweight" rating in a report on Tuesday, November 12th. Leerink Partners lifted their target price on shares of Tectonic Therapeutic from $49.00 to $69.00 and gave the stock an "outperform" rating in a research note on Monday, November 11th. Finally, Raymond James assumed coverage on shares of Tectonic Therapeutic in a research note on Wednesday, November 20th. They issued an "outperform" rating and a $65.00 price target for the company. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $72.25.

Tectonic Therapeutic Stock Up 6.3 %

The firm has a market capitalization of $745.91 million, a PE ratio of -8.58 and a beta of 2.60. The firm has a 50-day moving average price of $44.04.

Insiders Place Their Bets

In other Tectonic Therapeutic news, Director Timothy A. Springer purchased 50,000 shares of the business's stock in a transaction on Thursday, September 26th. The shares were bought at an average cost of $28.82 per share, for a total transaction of $1,441,000.00. Following the completion of the purchase, the director now directly owns 3,796,764 shares of the company's stock, valued at approximately $109,422,738.48. This trade represents a 1.33 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 9.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Tectonic Therapeutic

Large investors have recently added to or reduced their stakes in the business. Nordwand Advisors LLC acquired a new stake in Tectonic Therapeutic in the 3rd quarter valued at about $45,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Tectonic Therapeutic in the third quarter worth approximately $233,000. Acuta Capital Partners LLC acquired a new position in Tectonic Therapeutic during the 3rd quarter worth approximately $415,000. Affinity Asset Advisors LLC purchased a new stake in shares of Tectonic Therapeutic in the 2nd quarter valued at approximately $961,000. Finally, Exome Asset Management LLC raised its holdings in shares of Tectonic Therapeutic by 12.2% in the 3rd quarter. Exome Asset Management LLC now owns 36,344 shares of the company's stock valued at $1,101,000 after purchasing an additional 3,955 shares in the last quarter. 62.63% of the stock is owned by hedge funds and other institutional investors.

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.