Tectonic Therapeutic (NASDAQ:TECX) Sets New 52-Week High on Analyst Upgrade

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) shares hit a new 52-week high during trading on Wednesday after Wells Fargo & Company raised their price target on the stock from $55.00 to $79.00. Wells Fargo & Company currently has an overweight rating on the stock. Tectonic Therapeutic traded as high as $49.95 and last traded at $49.95, with a volume of 640 shares trading hands. The stock had previously closed at $47.75.

Other analysts also recently issued research reports about the stock. Leerink Partnrs upgraded shares of Tectonic Therapeutic to a "strong-buy" rating in a report on Wednesday, July 24th. Leerink Partners upped their target price on Tectonic Therapeutic from $49.00 to $69.00 and gave the company an "outperform" rating in a report on Monday. Four research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $74.67.

Insider Activity at Tectonic Therapeutic

In other news, Director Timothy A. Springer purchased 300,000 shares of the stock in a transaction on Tuesday, October 22nd. The shares were acquired at an average price of $33.59 per share, for a total transaction of $10,077,000.00. Following the completion of the transaction, the director now directly owns 4,096,764 shares of the company's stock, valued at approximately $137,610,302.76. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. In related news, Director Timothy A. Springer acquired 50,000 shares of Tectonic Therapeutic stock in a transaction on Thursday, September 26th. The shares were acquired at an average cost of $28.82 per share, with a total value of $1,441,000.00. Following the transaction, the director now owns 3,796,764 shares in the company, valued at $109,422,738.48. This trade represents a 0.00 % 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 link. Also, Director Timothy A. Springer purchased 300,000 shares of the firm's stock in a transaction that occurred on Tuesday, October 22nd. The stock was bought at an average cost of $33.59 per share, with a total value of $10,077,000.00. Following the completion of the purchase, the director now owns 4,096,764 shares of the company's stock, valued at $137,610,302.76. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 9.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Nordwand Advisors LLC purchased a new stake in Tectonic Therapeutic during the 3rd quarter valued at $45,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Tectonic Therapeutic in the third quarter worth about $233,000. Affinity Asset Advisors LLC bought a new position in shares of Tectonic Therapeutic during the 2nd quarter valued at approximately $961,000. Renaissance Technologies LLC bought a new position in Tectonic Therapeutic during the second quarter valued at $1,466,000. Finally, Acadian Asset Management LLC purchased a new position in Tectonic Therapeutic in the second quarter worth about $1,804,000. 62.63% of the stock is owned by hedge funds and other institutional investors.

Tectonic Therapeutic Stock Down 2.1 %

The firm has a fifty day moving average of $31.16.

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) last announced its quarterly earnings results on Wednesday, August 14th. The company reported ($3.81) earnings per share for the quarter, missing the consensus estimate of ($1.96) by ($1.85). As a group, analysts expect that Tectonic Therapeutic will post -7.76 earnings per share for the current year.

Tectonic Therapeutic Company 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.