Tectonic Therapeutic (NASDAQ:TECX) Director Acquires $1,441,000.00 in Stock

Tectonic Therapeutic (NASDAQ:TECX) Director Timothy A. Springer acquired 50,000 shares of the business’s stock in a transaction on Thursday, September 26th. The stock was bought at an average cost of $28.82 per share, for a total transaction of $1,441,000.00. Following the completion of the transaction, the director now directly owns 3,796,764 shares of the company’s stock, valued at $109,422,738.48. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink.

Tectonic Therapeutic Price Performance

TECX stock traded down $0.82 during mid-day trading on Thursday, hitting $28.58. 368,318 shares of the company were exchanged, compared to its average volume of 34,991. The firm has a market cap of $420.98 million, a P/E ratio of 42.61 and a beta of 2.59. The stock’s fifty day moving average is $18.08. Tectonic Therapeutic has a twelve month low of $12.12 and a twelve month high of $31.31.

Tectonic Therapeutic (NASDAQ:TECX) last posted its quarterly earnings results on Wednesday, August 14th. The company reported ($3.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.96) by ($1.85). On average, equities research analysts expect that Tectonic Therapeutic will post -4.91 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Leerink Partnrs upgraded Tectonic Therapeutic to a “strong-buy” rating in a research note on Wednesday, July 24th. Piper Sandler initiated coverage on shares of Tectonic Therapeutic in a research note on Wednesday, June 26th. They set an “overweight” rating and a $76.00 price objective on the stock. Wells Fargo & Company initiated coverage on shares of Tectonic Therapeutic in a report on Thursday, August 22nd. They set an “overweight” rating and a $55.00 price target for the company. Leerink Partners initiated coverage on shares of Tectonic Therapeutic in a research note on Wednesday, July 24th. They set an “outperform” rating and a $49.00 price target on the stock. Finally, TD Cowen started coverage on shares of Tectonic Therapeutic in a research report on Monday, June 24th. They issued a “buy” rating for the company. Four research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $60.00.

Hedge Funds Weigh In On Tectonic Therapeutic

Institutional investors have recently made changes to their positions in the stock. Affinity Asset Advisors LLC bought a new stake in Tectonic Therapeutic in the second quarter valued at $961,000. Farallon Capital Management LLC bought a new position in shares of Tectonic Therapeutic in the second quarter worth $7,099,000. Renaissance Technologies LLC bought a new stake in shares of Tectonic Therapeutic during the second quarter valued at about $1,466,000. Atlas Venture Life Science Advisors LLC bought a new position in Tectonic Therapeutic in the 2nd quarter valued at about $6,233,000. Finally, Acadian Asset Management LLC bought a new position in Tectonic Therapeutic in the 2nd quarter valued at about $1,804,000. 62.63% of the stock is 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.