Tectonic Therapeutic (NASDAQ:TECX) Now Covered by Analysts at Raymond James

Raymond James initiated coverage on shares of Tectonic Therapeutic (NASDAQ:TECX) in a research note published on Wednesday, Marketbeat.com reports. The brokerage issued an outperform rating and a $65.00 price target on the stock.

A number of other analysts have also weighed in on TECX. Leerink Partners upped their price objective on shares of Tectonic Therapeutic from $49.00 to $69.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Wells Fargo & Company lifted their price objective on shares of Tectonic Therapeutic from $55.00 to $79.00 and gave the company an “overweight” rating in a report on Tuesday, November 12th. Finally, Leerink Partnrs raised shares of Tectonic Therapeutic to a “strong-buy” rating in a research note on Wednesday, July 24th. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Tectonic Therapeutic currently has an average rating of “Buy” and a consensus price target of $72.25.

Tectonic Therapeutic Price Performance

TECX opened at $48.10 on Wednesday. Tectonic Therapeutic has a 52 week low of $12.12 and a 52 week high of $48.63. The stock has a market cap of $709.48 million, a P/E ratio of -8.17 and a beta of 2.60. The business’s fifty day moving average price is $35.23.

Insider Buying and Selling

In other news, Director Timothy A. Springer purchased 300,000 shares of the business’s stock in a transaction on Tuesday, October 22nd. The shares were acquired at an average cost of $33.59 per share, with a total value of $10,077,000.00. Following the completion of the acquisition, the director now owns 4,096,764 shares of the company’s stock, valued at $137,610,302.76. This trade represents a 7.90 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 9.20% of the stock is currently owned by company insiders.

Institutional Trading of Tectonic Therapeutic

Hedge funds and other institutional investors have recently made changes to their positions in the business. FMR LLC boosted its holdings in Tectonic Therapeutic by 13.2% in the third 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. Vida Ventures Advisors LLC acquired a new position in Tectonic Therapeutic during the 3rd quarter valued at approximately $31,169,000. Farallon Capital Management LLC purchased a new position in shares of Tectonic Therapeutic in the second quarter worth $7,099,000. Atlas Venture Life Science Advisors LLC acquired a new stake in shares of Tectonic Therapeutic during the second quarter worth $6,233,000. Finally, Ikarian Capital LLC grew its holdings in shares of Tectonic Therapeutic by 325.1% during the third quarter. Ikarian Capital LLC now owns 267,145 shares of the company’s stock valued at $8,094,000 after buying an additional 204,309 shares during the last quarter. Hedge funds and other institutional investors own 62.63% of the company’s stock.

Tectonic Therapeutic Company 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.