Tectonic Therapeutic (NASDAQ:TECX) Shares Up 8.2% – Still a Buy?

Tectonic Therapeutic (NASDAQ:TECX)’s share price shot up 8.2% during trading on Friday . The stock traded as high as $44.18 and last traded at $45.64. 136,546 shares changed hands during trading, an increase of 11% from the average session volume of 123,016 shares. The stock had previously closed at $42.20.

Analysts Set New Price Targets

Several research firms recently commented on TECX. Wells Fargo & Company raised their target price on Tectonic Therapeutic from $55.00 to $79.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 12th. Raymond James initiated coverage on shares of Tectonic Therapeutic in a research report on Wednesday, November 20th. They set an “outperform” rating and a $65.00 price objective for the company. Finally, Leerink Partners boosted their target price on shares of Tectonic Therapeutic from $49.00 to $69.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $72.25.

Tectonic Therapeutic Price Performance

The stock has a market capitalization of $689.42 million, a price-to-earnings ratio of -7.94 and a beta of 2.63. The business’s fifty day moving average price is $45.84 and its 200-day moving average price is $32.37.

Tectonic Therapeutic (NASDAQ:TECX) last issued its quarterly earnings data on Thursday, November 7th. The company reported ($1.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.36). Equities research analysts predict that Tectonic Therapeutic will post -8.31 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Tectonic Therapeutic

Several large investors have recently bought and sold shares of TECX. Renaissance Technologies LLC bought a new stake in shares of Tectonic Therapeutic in the 2nd quarter worth $1,466,000. Vida Ventures Advisors LLC purchased a new position in Tectonic Therapeutic during the third quarter worth about $31,169,000. Nordwand Advisors LLC purchased a new stake in Tectonic Therapeutic in the 3rd quarter valued at about $45,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Tectonic Therapeutic in the 3rd quarter worth approximately $233,000. Finally, FMR LLC lifted its holdings in Tectonic Therapeutic by 13.2% during 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 during the period. 62.63% of the stock is currently owned by institutional investors.

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.