Tectonic Therapeutic (NASDAQ:TECX) Trading Up 5.5% - Time to Buy?

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) traded up 5.5% during mid-day trading on Tuesday . The stock traded as high as $46.96 and last traded at $46.96. 15,591 shares traded hands during trading, a decline of 71% from the average session volume of 53,492 shares. The stock had previously closed at $44.52.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on TECX. Leerink Partners raised their price objective on shares of Tectonic Therapeutic from $49.00 to $69.00 and gave the company an "outperform" rating in a research report on Monday, November 11th. Raymond James began coverage on shares of Tectonic Therapeutic in a report on Wednesday, November 20th. They issued an "outperform" rating and a $65.00 price target for the company. Finally, Wells Fargo & Company upped their price objective on Tectonic Therapeutic from $55.00 to $79.00 and gave the stock an "overweight" rating in a report on Tuesday, November 12th. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Tectonic Therapeutic presently has an average rating of "Buy" and an average price target of $72.25.

Tectonic Therapeutic Stock Up 6.8 %

The stock's fifty day moving average is $42.94. The firm has a market cap of $701.21 million, a price-to-earnings ratio of -8.07 and a beta of 2.60.

Insider Transactions at Tectonic Therapeutic

In other news, Director Timothy A. Springer acquired 300,000 shares of Tectonic Therapeutic stock in a transaction that occurred on Tuesday, October 22nd. The shares were acquired at an average price of $33.59 per share, with a total value of $10,077,000.00. Following the purchase, the director now directly owns 4,096,764 shares of the company's stock, valued at $137,610,302.76. The trade was a 7.90 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 9.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Tectonic Therapeutic

Hedge funds have recently bought and sold shares of the company. Nordwand Advisors LLC bought a new stake in shares of Tectonic Therapeutic in the 3rd quarter valued at $45,000. Exome Asset Management LLC grew its stake in Tectonic Therapeutic by 12.2% in the third quarter. Exome Asset Management LLC now owns 36,344 shares of the company's stock valued at $1,101,000 after acquiring an additional 3,955 shares during the period. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Tectonic Therapeutic in the third quarter worth about $233,000. Acuta Capital Partners LLC bought a new stake in shares of Tectonic Therapeutic in the third quarter worth about $415,000. Finally, Geode Capital Management LLC raised its position in shares of Tectonic Therapeutic by 147.7% during the third quarter. Geode Capital Management LLC now owns 76,879 shares of the company's stock worth $2,331,000 after purchasing an additional 45,846 shares during the period. 62.63% of the stock is currently owned by institutional investors and hedge funds.

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.