Tectonic Therapeutic (NASDAQ:TECX) Short Interest Update

Tectonic Therapeutic (NASDAQ:TECX) was the recipient of a large growth in short interest in November. As of November 15th, there was short interest totalling 439,300 shares, a growth of 23.7% from the October 31st total of 355,100 shares. Based on an average daily volume of 122,200 shares, the short-interest ratio is presently 3.6 days. Approximately 5.6% of the company’s shares are short sold.

Wall Street Analyst Weigh In

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

Tectonic Therapeutic Price Performance

Shares of Tectonic Therapeutic stock opened at $49.78 on Friday. The business has a 50-day moving average price of $38.19. Tectonic Therapeutic has a 52-week low of $12.12 and a 52-week high of $51.11. The stock has a market capitalization of $734.26 million, a PE ratio of -8.45 and a beta of 2.60.

Insider Activity

In other news, Director Timothy A. Springer bought 50,000 shares of the stock in a transaction dated Thursday, September 26th. The stock was bought at an average price of $28.82 per share, for a total transaction of $1,441,000.00. Following the purchase, the director now directly owns 3,796,764 shares in the company, valued at $109,422,738.48. This trade represents a 1.33 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 9.20% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of TECX. Nordwand Advisors LLC bought a new stake in Tectonic Therapeutic in the 3rd quarter worth about $45,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Tectonic Therapeutic in the third quarter worth approximately $233,000. Acuta Capital Partners LLC bought a new stake in shares of Tectonic Therapeutic in the third quarter worth approximately $415,000. Affinity Asset Advisors LLC purchased a new position in shares of Tectonic Therapeutic during the second quarter valued at approximately $961,000. Finally, Renaissance Technologies LLC bought a new position in Tectonic Therapeutic during the second quarter valued at approximately $1,466,000. Hedge funds and other institutional investors 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.