Tectonic Therapeutic (NASDAQ:TECX) Stock Price Expected to Rise, Leerink Partners Analyst Says

Tectonic Therapeutic (NASDAQ:TECX) had its target price upped by Leerink Partners from $49.00 to $69.00 in a research report sent to investors on Monday morning,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Other research analysts also recently issued research reports about the stock. Leerink Partnrs raised shares of Tectonic Therapeutic to a “strong-buy” rating in a research note on Wednesday, July 24th. Wells Fargo & Company started coverage on shares of Tectonic Therapeutic in a research report on Thursday, August 22nd. They set an “overweight” rating and a $55.00 target price on the stock. Four analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $74.67.

Tectonic Therapeutic Price Performance

Shares of TECX stock opened at $43.26 on Monday. The business’s 50 day simple moving average is $31.71. Tectonic Therapeutic has a 52-week low of $12.12 and a 52-week high of $48.63. The company has a market cap of $637.22 million, a price-to-earnings ratio of -7.34 and a beta of 2.60.

Tectonic Therapeutic (NASDAQ:TECX) last released its earnings results on Wednesday, August 14th. The company reported ($3.81) earnings per share for the quarter, missing the consensus estimate of ($1.96) by ($1.85). On average, equities research analysts anticipate that Tectonic Therapeutic will post -7.76 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Tectonic Therapeutic news, Director Timothy A. Springer acquired 300,000 shares of Tectonic Therapeutic stock in a transaction that occurred on Tuesday, October 22nd. The stock was bought at an average price of $33.59 per share, with a total value of $10,077,000.00. Following the completion of the purchase, the director now directly owns 4,096,764 shares of the company’s stock, valued at approximately $137,610,302.76. This represents a 7.90 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 9.20% of the stock is owned by insiders.

Institutional Trading of Tectonic Therapeutic

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Affinity Asset Advisors LLC purchased a new stake in shares of Tectonic Therapeutic during the 2nd quarter worth $961,000. Farallon Capital Management LLC purchased a new stake in shares of Tectonic Therapeutic during the second quarter valued at about $7,099,000. Vida Ventures Advisors LLC bought a new stake in shares of Tectonic Therapeutic in the 3rd quarter valued at about $31,169,000. Renaissance Technologies LLC purchased a new position in shares of Tectonic Therapeutic in the 2nd quarter worth approximately $1,466,000. Finally, Acadian Asset Management LLC bought a new position in shares of Tectonic Therapeutic during the 2nd quarter worth approximately $1,804,000. 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.