Tectonic Therapeutic (NASDAQ:TECX) Shares Gap Up – Here’s Why

Tectonic Therapeutic (NASDAQ:TECX)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $40.86, but opened at $43.68. Tectonic Therapeutic shares last traded at $42.75, with a volume of 20,644 shares traded.

Analyst Upgrades and Downgrades

TECX has been the topic of several analyst reports. Leerink Partners increased their price objective on Tectonic Therapeutic from $49.00 to $69.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Wells Fargo & Company lifted their price objective on Tectonic Therapeutic from $55.00 to $79.00 and gave the company an “overweight” rating in a research note on Tuesday, November 12th. Finally, Raymond James started coverage on Tectonic Therapeutic in a report on Wednesday. They issued an “outperform” rating and a $65.00 target price on the stock. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $72.25.

Tectonic Therapeutic Trading Up 2.0 %

The stock has a market capitalization of $662.13 million, a P/E ratio of -7.62 and a beta of 2.60. The business has a 50-day moving average of $34.62.

Insider Buying and Selling

In other news, Director Timothy A. Springer acquired 300,000 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The shares were purchased at an average cost of $33.59 per share, for a total transaction of $10,077,000.00. Following the transaction, the director now directly owns 4,096,764 shares in the company, valued at approximately $137,610,302.76. This represents a 7.90 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. 9.20% of the stock is owned by company insiders.

Institutional Trading of Tectonic Therapeutic

Hedge funds have recently made changes to their positions in the company. Acadian Asset Management LLC purchased a new stake in Tectonic Therapeutic during the second quarter worth about $1,804,000. Atlas Venture Life Science Advisors LLC acquired a new stake in shares of Tectonic Therapeutic in the 2nd quarter worth approximately $6,233,000. Renaissance Technologies LLC purchased a new position in Tectonic Therapeutic in the 2nd quarter valued at approximately $1,466,000. Farallon Capital Management LLC acquired a new position in Tectonic Therapeutic during the second quarter worth $7,099,000. Finally, Affinity Asset Advisors LLC purchased a new stake in Tectonic Therapeutic during the second quarter worth $961,000. 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.