Geode Capital Management LLC Boosts Stock Holdings in Tectonic Therapeutic (NASDAQ:TECX)

Geode Capital Management LLC lifted its stake in Tectonic Therapeutic (NASDAQ:TECX) by 147.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 76,879 shares of the company’s stock after buying an additional 45,846 shares during the period. Geode Capital Management LLC’s holdings in Tectonic Therapeutic were worth $2,331,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of TECX. Ikarian Capital LLC grew its holdings in shares of Tectonic Therapeutic by 325.1% in the third quarter. Ikarian Capital LLC now owns 267,145 shares of the company’s stock worth $8,094,000 after purchasing an additional 204,309 shares during the last quarter. Walleye Capital LLC boosted its holdings in shares of Tectonic Therapeutic by 204.2% during 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 during the period. Acuta Capital Partners LLC purchased a new stake in shares of Tectonic Therapeutic during the third quarter worth about $415,000. FMR LLC grew its stake in shares of 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 purchasing an additional 142,600 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in Tectonic Therapeutic during the 3rd quarter valued at about $233,000. Institutional investors own 62.63% of the company’s stock.

Insider Buying and Selling

In related news, Director Timothy A. Springer purchased 300,000 shares of the stock in a transaction dated Tuesday, October 22nd. The stock was purchased at an average price of $33.59 per share, with a total value of $10,077,000.00. Following the transaction, the director now directly owns 4,096,764 shares in the company, 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 Securities & Exchange Commission, which can be accessed through this link. 9.20% of the stock is currently owned by insiders.

Tectonic Therapeutic Trading Down 3.8 %

Shares of TECX stock opened at $46.57 on Wednesday. The company’s fifty day moving average price is $46.47 and its 200-day moving average price is $30.47. The stock has a market cap of $687.05 million, a PE ratio of -7.91 and a beta of 2.63. Tectonic Therapeutic has a 12 month low of $12.12 and a 12 month high of $53.41.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on TECX. Leerink Partners increased their price objective on Tectonic Therapeutic from $49.00 to $69.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Raymond James assumed coverage on shares of Tectonic Therapeutic in a report on Wednesday, November 20th. They issued an “outperform” rating and a $65.00 price objective for the company. Finally, Wells Fargo & Company lifted 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. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $72.25.

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.