Tectonic Therapeutic (NASDAQ:TECX) Shares Gap Up After Analyst Upgrade

Tectonic Therapeutic (NASDAQ:TECX) shares gapped up before the market opened on Tuesday after Wells Fargo & Company raised their price target on the stock from $55.00 to $79.00. The stock had previously closed at $46.07, but opened at $47.99. Wells Fargo & Company currently has an overweight rating on the stock. Tectonic Therapeutic shares last traded at $45.07, with a volume of 17,108 shares.

A number of other research firms have also recently weighed in on TECX. Leerink Partners raised 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. Leerink Partnrs raised Tectonic Therapeutic to a “strong-buy” rating in a report on Wednesday, July 24th. Four equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus price target of $74.67.

Insider Activity

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

Institutional Trading of Tectonic Therapeutic

Several hedge funds and other institutional investors have recently bought and sold shares of TECX. Nordwand Advisors LLC acquired a new stake in shares of Tectonic Therapeutic during the third quarter worth $45,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Tectonic Therapeutic in the 3rd quarter worth about $233,000. Affinity Asset Advisors LLC purchased a new stake in Tectonic Therapeutic in the 2nd quarter valued at about $961,000. Renaissance Technologies LLC acquired a new position in shares of Tectonic Therapeutic during the 2nd quarter valued at about $1,466,000. Finally, Acadian Asset Management LLC purchased a new position in shares of Tectonic Therapeutic during the 2nd quarter worth about $1,804,000. 62.63% of the stock is owned by hedge funds and other institutional investors.

Tectonic Therapeutic Price Performance

The firm has a 50-day moving average of $30.59. The company has a market capitalization of $703.36 million, a price-to-earnings ratio of -7.74 and a beta of 2.60.

Tectonic Therapeutic (NASDAQ:TECX) last released 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). On average, equities analysts forecast that Tectonic Therapeutic will post -4.91 EPS for the current year.

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.