Verition Fund Management LLC Sells 25,902 Shares of Tectonic Therapeutic (NASDAQ:TECX)

Verition Fund Management LLC decreased its position in Tectonic Therapeutic (NASDAQ:TECX - Free Report) by 18.4% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 114,778 shares of the company's stock after selling 25,902 shares during the quarter. Verition Fund Management LLC owned about 0.78% of Tectonic Therapeutic worth $3,478,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Walleye Capital LLC boosted its holdings in Tectonic Therapeutic by 204.2% in the third quarter. Walleye Capital LLC now owns 72,962 shares of the company's stock worth $2,211,000 after purchasing an additional 48,978 shares in the last quarter. Acuta Capital Partners LLC bought a new stake in shares of Tectonic Therapeutic during the 3rd quarter worth about $415,000. FMR LLC boosted its stake in shares of Tectonic Therapeutic by 13.2% during the 3rd quarter. FMR LLC now owns 1,220,138 shares of the company's stock worth $36,970,000 after acquiring an additional 142,600 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Tectonic Therapeutic during the 3rd quarter valued at about $233,000. Finally, Nordwand Advisors LLC bought a new position in shares of Tectonic Therapeutic in the 3rd quarter valued at approximately $45,000. Institutional investors and hedge funds own 62.63% of the company's stock.

Wall Street Analyst Weigh In

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

Tectonic Therapeutic Price Performance

NASDAQ:TECX traded down $0.42 during trading hours on Wednesday, hitting $51.28. 92,706 shares of the company traded hands, compared to its average volume of 52,855. Tectonic Therapeutic has a twelve month low of $12.12 and a twelve month high of $52.15. The stock's 50-day moving average price is $39.32. The company has a market capitalization of $756.38 million, a PE ratio of -8.71 and a beta of 2.60.

Insider Activity

In other news, Director Timothy A. Springer acquired 300,000 shares of the stock in a transaction dated Tuesday, October 22nd. The shares were acquired at an average cost of $33.59 per share, for a total transaction of $10,077,000.00. Following the completion of the transaction, the director now owns 4,096,764 shares in the company, valued at approximately $137,610,302.76. This trade represents a 7.90 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 9.20% of the stock is owned by company insiders.

Tectonic Therapeutic 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.