Tectonic Therapeutic (NASDAQ:TECX) Trading Down 7%

Tectonic Therapeutic (NASDAQ:TECX)’s share price was down 7% on Tuesday . The stock traded as low as $28.14 and last traded at $28.19. Approximately 27,728 shares traded hands during trading, a decline of 24% from the average daily volume of 36,586 shares. The stock had previously closed at $30.30.

Wall Street Analyst Weigh In

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

Tectonic Therapeutic Trading Down 6.0 %

The stock has a market capitalization of $1.28 billion, a PE ratio of 40.86 and a beta of 2.59. The stock has a 50-day moving average of $18.88.

Tectonic Therapeutic (NASDAQ:TECX) last announced its quarterly earnings data on Wednesday, August 14th. The company reported ($3.81) EPS for the quarter, missing analysts’ consensus estimates of ($1.96) by ($1.85). Equities analysts predict that Tectonic Therapeutic will post -4.91 earnings per share for the current year.

Insider Buying and Selling

In other Tectonic Therapeutic news, Director Timothy A. Springer bought 50,000 shares of Tectonic Therapeutic stock in a transaction that occurred on Thursday, September 26th. The stock was acquired at an average price of $28.82 per share, for a total transaction of $1,441,000.00. Following the completion of the acquisition, the director now owns 3,796,764 shares of the company’s stock, valued at approximately $109,422,738.48. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 9.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Tectonic Therapeutic

A number of large investors have recently added to or reduced their stakes in TECX. Farallon Capital Management LLC acquired a new stake in Tectonic Therapeutic in the second quarter valued at $7,099,000. Atlas Venture Life Science Advisors LLC acquired a new stake in Tectonic Therapeutic in the second quarter valued at $6,233,000. Acadian Asset Management LLC acquired a new stake in Tectonic Therapeutic in the second quarter valued at $1,804,000. Renaissance Technologies LLC acquired a new stake in Tectonic Therapeutic in the second quarter valued at $1,466,000. Finally, Affinity Asset Advisors LLC acquired a new stake in Tectonic Therapeutic in the second quarter valued at $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.