Tectonic Therapeutic (NASDAQ:TECX) Receives Average Recommendation of “Buy” from Analysts

Shares of Tectonic Therapeutic (NASDAQ:TECX) have been assigned a consensus recommendation of “Buy” from the six ratings firms that are presently covering the company, MarketBeat.com reports. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $72.25.

A number of brokerages have issued reports on TECX. Raymond James initiated coverage on shares of Tectonic Therapeutic in a report on Wednesday, November 20th. They issued an “outperform” rating and a $65.00 target price for the company. Wells Fargo & Company lifted their price objective on Tectonic Therapeutic from $55.00 to $79.00 and gave the stock an “overweight” rating in a report on Tuesday, November 12th. Finally, Leerink Partners raised their target price on shares of Tectonic Therapeutic from $49.00 to $69.00 and gave the company an “outperform” rating in a report on Monday, November 11th.

Tectonic Therapeutic Stock Down 5.8 %

Shares of Tectonic Therapeutic stock opened at $37.83 on Thursday. The firm has a market cap of $558.11 million, a price-to-earnings ratio of -6.42 and a beta of 2.63. Tectonic Therapeutic has a 52-week low of $12.12 and a 52-week high of $53.41. The company’s 50-day simple moving average is $46.49 and its 200-day simple moving average is $31.19.

Insider Activity

In related news, Director Timothy A. Springer purchased 300,000 shares of Tectonic Therapeutic stock in a transaction dated Tuesday, October 22nd. The stock was bought at an average cost of $33.59 per share, with a total value of $10,077,000.00. Following the purchase, the director now owns 4,096,764 shares in the company, valued at approximately $137,610,302.76. The trade was a 7.90 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 9.20% of the company’s stock.

Institutional Investors Weigh In On Tectonic Therapeutic

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Acadian Asset Management LLC bought a new stake in Tectonic Therapeutic during the second quarter worth approximately $1,804,000. Atlas Venture Life Science Advisors LLC acquired a new position in shares of Tectonic Therapeutic in the 2nd quarter worth $6,233,000. Renaissance Technologies LLC acquired a new stake in shares of Tectonic Therapeutic during the second quarter worth $1,466,000. Farallon Capital Management LLC purchased a new stake in shares of Tectonic Therapeutic during the second quarter valued at $7,099,000. Finally, Affinity Asset Advisors LLC purchased a new position in Tectonic Therapeutic in the 2nd quarter worth about $961,000. 62.63% of the stock is currently owned by institutional investors.

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.