Tectonic Therapeutic (NASDAQ:TECX) Hits New 52-Week High – Here’s Why

Tectonic Therapeutic (NASDAQ:TECX)’s share price hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $53.41 and last traded at $52.25, with a volume of 19113 shares changing hands. The stock had previously closed at $47.56.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Raymond James assumed coverage on shares of Tectonic Therapeutic in a research report on Wednesday, November 20th. They set an “outperform” rating and a $65.00 price target for the company. Leerink Partners boosted 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. Finally, Wells Fargo & Company upped their target price on Tectonic Therapeutic from $55.00 to $79.00 and gave the company an “overweight” rating in a report on Tuesday, November 12th. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $72.25.

Tectonic Therapeutic Stock Performance

The stock’s 50 day moving average is $44.67. The company has a market capitalization of $745.91 million, a PE ratio of -8.58 and a beta of 2.60.

Insider Activity at Tectonic Therapeutic

In other news, Director Timothy A. Springer bought 300,000 shares of Tectonic Therapeutic stock in a transaction on Tuesday, October 22nd. The shares were bought at an average cost of $33.59 per share, for a total transaction of $10,077,000.00. Following the acquisition, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 9.20% of the company’s stock.

Institutional Investors Weigh In On Tectonic Therapeutic

Hedge funds and other institutional investors have recently modified their holdings of the company. FMR LLC lifted its stake in shares of Tectonic Therapeutic by 13.2% during the third quarter. FMR LLC now owns 1,220,138 shares of the company’s stock valued at $36,970,000 after buying an additional 142,600 shares during the period. Affinity Asset Advisors LLC purchased a new position in shares of Tectonic Therapeutic during the 2nd quarter worth $961,000. Farallon Capital Management LLC purchased a new position in shares of Tectonic Therapeutic during the 2nd quarter worth $7,099,000. Vida Ventures Advisors LLC acquired a new stake in shares of Tectonic Therapeutic during the third quarter worth $31,169,000. Finally, Renaissance Technologies LLC purchased a new stake in shares of Tectonic Therapeutic in the second quarter valued at $1,466,000. 62.63% of the stock is currently owned by hedge funds and other institutional investors.

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.