Tectonic Therapeutic (NASDAQ:TECX) Trading Down 7% – Should You Sell?

Shares of Tectonic Therapeutic (NASDAQ:TECX) traded down 7% on Tuesday . The company traded as low as $28.14 and last traded at $28.19. 27,728 shares traded hands during trading, a decline of 24% from the average session volume of 36,586 shares. The stock had previously closed at $30.30.

Analyst Upgrades and Downgrades

TECX has been the topic of a number of recent analyst reports. Piper Sandler began coverage on shares of Tectonic Therapeutic in a research report on Wednesday, June 26th. They issued an “overweight” rating and a $76.00 target price on the stock. Leerink Partnrs upgraded Tectonic Therapeutic to a “strong-buy” rating in a research report on Wednesday, July 24th. Wells Fargo & Company assumed coverage on Tectonic Therapeutic in a report on Thursday, August 22nd. They issued an “overweight” rating and a $55.00 target price for the company. Leerink Partners assumed coverage on Tectonic Therapeutic in a research note on Wednesday, July 24th. They set an “outperform” rating and a $49.00 price target on the stock. Finally, TD Cowen started coverage on Tectonic Therapeutic in a research note on Monday, June 24th. They issued a “buy” rating for the company. Four 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, the stock currently has a consensus rating of “Buy” and an average price target of $60.00.

Tectonic Therapeutic Price Performance

The firm has a market capitalization of $1.33 billion, a price-to-earnings ratio of 42.70 and a beta of 2.59. The company’s fifty day moving average price is $19.37.

Tectonic Therapeutic (NASDAQ:TECX) last posted its quarterly earnings data on Wednesday, August 14th. The company reported ($3.81) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.96) by ($1.85). As a group, equities research analysts forecast that Tectonic Therapeutic will post -4.91 EPS for the current year.

Insider Activity at Tectonic Therapeutic

In other news, Director Timothy A. Springer acquired 50,000 shares of the business’s stock in a transaction on Thursday, September 26th. The stock was bought at an average price of $28.82 per share, for a total transaction 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. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 9.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Tectonic Therapeutic

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Affinity Asset Advisors LLC purchased a new stake in shares of Tectonic Therapeutic in the second quarter valued at approximately $961,000. Renaissance Technologies LLC purchased a new position in shares of Tectonic Therapeutic in the second quarter valued at $1,466,000. Acadian Asset Management LLC purchased a new stake in shares of Tectonic Therapeutic in the 2nd quarter worth about $1,804,000. Atlas Venture Life Science Advisors LLC acquired a new stake in Tectonic Therapeutic in the 2nd quarter valued at about $6,233,000. Finally, Farallon Capital Management LLC purchased a new position in Tectonic Therapeutic during the 2nd quarter valued at about $7,099,000. 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.