Tectonic Therapeutic (NASDAQ:TECX) Reaches New 52-Week High – What’s Next?

Tectonic Therapeutic (NASDAQ:TECX) hit a new 52-week high during mid-day trading on Friday . The stock traded as high as $31.70 and last traded at $31.68, with a volume of 59266 shares trading hands. The stock had previously closed at $29.68.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Leerink Partners assumed coverage on Tectonic Therapeutic in a research report on Wednesday, July 24th. They issued an “outperform” rating and a $49.00 target price on the stock. Piper Sandler assumed coverage on Tectonic Therapeutic in a research note on Wednesday, June 26th. They issued an “overweight” rating and a $76.00 price objective on the stock. Leerink Partnrs raised shares of Tectonic Therapeutic to a “strong-buy” rating in a research report on Wednesday, July 24th. Wells Fargo & Company started coverage on shares of Tectonic Therapeutic in a research report on Thursday, August 22nd. They set an “overweight” rating and a $55.00 price target on the stock. Finally, TD Cowen initiated coverage on shares of Tectonic Therapeutic in a research note on Monday, June 24th. They set 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. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $60.00.

Tectonic Therapeutic Trading Up 11.3 %

The company has a market capitalization of $1.48 billion, a P/E ratio of 47.86 and a beta of 2.63. The firm has a 50-day moving average price of $19.93.

Tectonic Therapeutic (NASDAQ:TECX) last released its quarterly earnings results on Wednesday, August 14th. The company reported ($3.81) EPS for the quarter, missing the consensus estimate of ($1.96) by ($1.85). As a group, equities analysts anticipate that Tectonic Therapeutic will post -4.91 EPS for the current year.

Insider Buying and Selling at Tectonic Therapeutic

In other Tectonic Therapeutic news, Director Timothy A. Springer bought 50,000 shares of Tectonic Therapeutic stock in a transaction dated Thursday, September 26th. The stock was bought at an average cost of $28.82 per share, for a total transaction of $1,441,000.00. Following the purchase, the director now owns 3,796,764 shares in the company, valued at $109,422,738.48. This represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 9.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Tectonic Therapeutic

A number of institutional investors have recently modified their holdings of the stock. Affinity Asset Advisors LLC bought a new stake in Tectonic Therapeutic in the second quarter valued at about $961,000. Renaissance Technologies LLC bought a new stake in shares of Tectonic Therapeutic in the 2nd quarter valued at approximately $1,466,000. Acadian Asset Management LLC acquired a new stake in shares of Tectonic Therapeutic during the 2nd quarter valued at approximately $1,804,000. Atlas Venture Life Science Advisors LLC bought a new position in Tectonic Therapeutic during the second quarter worth $6,233,000. Finally, Farallon Capital Management LLC acquired a new position in Tectonic Therapeutic in the second quarter worth $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.