Tectonic Therapeutic (NASDAQ:TECX) Hits New 1-Year High – Here’s Why

by · The Markets Daily

Tectonic Therapeutic (NASDAQ:TECX – Get Free Report)’s stock price hit a new 52-week high on Friday . The stock traded as high as $41.60 and last traded at $41.00, with a volume of 40677 shares changing hands. The stock had previously closed at $41.03.

Analysts Set New Price Targets

TECX has been the subject of a number of analyst reports. Leerink Partnrs raised shares of Tectonic Therapeutic to a “strong-buy” rating in a research note on Wednesday, July 24th. Wells Fargo & Company assumed coverage on Tectonic Therapeutic in a report on Thursday, August 22nd. They set an “overweight” rating and a $55.00 price target on the stock. Finally, Leerink Partners assumed coverage on Tectonic Therapeutic in a research report on Wednesday, July 24th. They issued an “outperform” rating and a $49.00 price objective on the stock. Four research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Tectonic Therapeutic presently has an average rating of “Buy” and an average price target of $60.00.

Check Out Our Latest Research Report on TECX

Tectonic Therapeutic Stock Performance

The firm has a 50-day simple moving average of $27.11.

Tectonic Therapeutic (NASDAQ:TECX – Get Free Report) last posted its earnings results on Wednesday, August 14th. The company reported ($3.81) EPS for the quarter, missing analysts’ consensus estimates of ($1.96) by ($1.85). As a group, equities analysts forecast that Tectonic Therapeutic will post -4.91 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Timothy A. Springer purchased 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The shares were bought at an average price of $28.82 per share, for a total transaction of $1,441,000.00. Following the acquisition, the director now owns 3,796,764 shares of the company’s stock, valued at approximately $109,422,738.48. This represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Timothy A. Springer acquired 50,000 shares of Tectonic Therapeutic stock in a transaction that occurred on Thursday, September 26th. The shares were bought at an average cost of $28.82 per share, with a total value of $1,441,000.00. Following the transaction, the director now directly owns 3,796,764 shares of the company’s stock, valued at $109,422,738.48. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Director Timothy A. Springer acquired 300,000 shares of the firm’s stock in a transaction on Tuesday, October 22nd. The stock was purchased at an average cost of $33.59 per share, with a total value of $10,077,000.00. Following the purchase, the director now owns 4,096,764 shares of the company’s stock, valued at $137,610,302.76. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 9.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Tectonic Therapeutic

A number of large investors have recently bought and sold shares of TECX. Vida Ventures Advisors LLC bought a new stake in shares of Tectonic Therapeutic during the third quarter worth $31,169,000. Farallon Capital Management LLC bought a new stake in Tectonic Therapeutic during the 2nd quarter valued at about $7,099,000. Atlas Venture Life Science Advisors LLC purchased a new stake in Tectonic Therapeutic in the 2nd quarter valued at about $6,233,000. Acadian Asset Management LLC bought a new position in Tectonic Therapeutic in the 2nd quarter worth about $1,804,000. Finally, Renaissance Technologies LLC purchased a new position in shares of Tectonic Therapeutic during the second quarter worth approximately $1,466,000. Hedge funds and other institutional investors own 62.63% of the company’s stock.

Tectonic Therapeutic Company Profile

(Get Free Report)

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.

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