Tectonic Therapeutic (NASDAQ:TECX) Shares Up 8.2% - Here's What Happened

Shares of Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) were up 8.2% on Friday . The company traded as high as $44.18 and last traded at $45.64. Approximately 136,546 shares changed hands during trading, an increase of 11% from the average daily volume of 123,016 shares. The stock had previously closed at $42.20.

Analyst Ratings Changes

TECX has been the subject of a number of research reports. Wells Fargo & Company raised their price objective on Tectonic Therapeutic from $55.00 to $79.00 and gave the stock an "overweight" rating in a research report on Tuesday, November 12th. Leerink Partners boosted their target price on shares of Tectonic Therapeutic from $49.00 to $69.00 and gave the company an "outperform" rating in a research note on Monday, November 11th. Finally, Raymond James assumed coverage on shares of Tectonic Therapeutic in a report on Wednesday, November 20th. They set an "outperform" rating and a $65.00 price target for the company. Five 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, the company presently has a consensus rating of "Buy" and a consensus price target of $72.25.

Tectonic Therapeutic Price Performance

The company's 50 day moving average price is $45.84 and its 200 day moving average price is $32.37. The firm has a market capitalization of $689.42 million, a P/E ratio of -7.94 and a beta of 2.63.

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) last released its earnings results on Thursday, November 7th. The company reported ($1.20) earnings per share for the quarter, missing analysts' consensus estimates of ($0.84) by ($0.36). On average, research analysts anticipate that Tectonic Therapeutic will post -8.31 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Nordwand Advisors LLC acquired a new position in Tectonic Therapeutic during the third quarter worth approximately $45,000. China Universal Asset Management Co. Ltd. bought a new stake in Tectonic Therapeutic during the fourth quarter worth $144,000. Exome Asset Management LLC boosted 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. Connor Clark & Lunn Investment Management Ltd. bought a new position in Tectonic Therapeutic in the third quarter valued at about $233,000. Finally, Clarius Group LLC acquired a new stake in shares of Tectonic Therapeutic in the 4th quarter valued at approximately $468,000. Institutional investors and hedge funds own 62.63% of the company's stock.

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.

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