Tectonic Therapeutic (NASDAQ:TECX) Trading Down 7.1% – Should You Sell?

Shares of Tectonic Therapeutic (NASDAQ:TECX) dropped 7.1% on Wednesday . The stock traded as low as $44.16 and last traded at $44.16. Approximately 50,935 shares changed hands during trading, a decline of 5% from the average daily volume of 53,860 shares. The stock had previously closed at $47.53.

Wall Street Analysts Forecast Growth

TECX has been the topic of a number of recent research reports. Leerink Partners raised their price target on shares of Tectonic Therapeutic from $49.00 to $69.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Wells Fargo & Company raised their target price on shares of Tectonic Therapeutic from $55.00 to $79.00 and gave the stock an “overweight” rating in a report on Tuesday, November 12th. Finally, Raymond James assumed coverage on Tectonic Therapeutic in a report on Wednesday, November 20th. They set an “outperform” rating and a $65.00 target price for the company. Five analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $72.25.

Tectonic Therapeutic Stock Down 9.1 %

The stock’s 50-day moving average price is $42.94. The stock has a market cap of $637.33 million, a PE ratio of -7.33 and a beta of 2.60.

Insider Activity

In related news, Director Timothy A. Springer purchased 300,000 shares of the company’s stock in a transaction on Tuesday, October 22nd. The shares were bought at an average cost of $33.59 per share, for a total transaction of $10,077,000.00. Following the transaction, the director now owns 4,096,764 shares of the company’s stock, valued at $137,610,302.76. This represents a 7.90 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 9.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. FMR LLC lifted its position 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 purchasing an additional 142,600 shares during the period. Vida Ventures Advisors LLC acquired a new stake in shares of Tectonic Therapeutic in the third quarter valued at $31,169,000. Farallon Capital Management LLC bought a new position in Tectonic Therapeutic during the second quarter valued at about $7,099,000. Atlas Venture Life Science Advisors LLC acquired a new position in Tectonic Therapeutic during the second quarter worth about $6,233,000. Finally, Ikarian Capital LLC raised its position in 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 acquiring an additional 204,309 shares in the last quarter. 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.