Tectonic Therapeutic (NASDAQ:TECX) Sets New 52-Week High After Insider Buying Activity

Tectonic Therapeutic (NASDAQ:TECX) reached a new 52-week high on Friday following insider buying activity. The company traded as high as $38.10 and last traded at $37.61, with a volume of 7273 shares changing hands. The stock had previously closed at $36.40.

Specifically, Director Timothy A. Springer bought 300,000 shares of the business’s stock in a transaction on Tuesday, October 22nd. The stock was acquired 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 in the company, valued at $137,610,302.76. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Wells Fargo & Company initiated coverage on shares of Tectonic Therapeutic in a research report on Thursday, August 22nd. They set an “overweight” rating and a $55.00 price target for the company. Leerink Partnrs upgraded Tectonic Therapeutic to a “strong-buy” rating in a research report on Wednesday, July 24th. Finally, Leerink Partners assumed coverage on Tectonic Therapeutic in a research note on Wednesday, July 24th. They issued an “outperform” rating and a $49.00 price target on the stock. Four research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $60.00.

Tectonic Therapeutic Stock Performance

The company has a 50 day moving average of $25.20. The stock has a market cap of $1.74 billion, a PE ratio of 56.14 and a beta of 2.63.

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

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Vida Ventures Advisors LLC purchased a new stake in shares of Tectonic Therapeutic in the third quarter worth $31,169,000. Farallon Capital Management LLC purchased a new stake in Tectonic Therapeutic in the 2nd quarter worth $7,099,000. Atlas Venture Life Science Advisors LLC bought a new stake in Tectonic Therapeutic during the second quarter valued at about $6,233,000. Acadian Asset Management LLC purchased a new position in shares of Tectonic Therapeutic in the second quarter valued at about $1,804,000. Finally, Renaissance Technologies LLC bought a new position in shares of Tectonic Therapeutic in the second quarter worth about $1,466,000. Institutional investors own 62.63% of the company’s stock.

Tectonic Therapeutic Company Profile

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.