Tectonic Therapeutic (NASDAQ:TECX) Receives $72.25 Average Target Price from Analysts

Shares of Tectonic Therapeutic (NASDAQ:TECX) have been assigned a consensus recommendation of “Buy” from the six analysts that are currently covering the firm, Marketbeat reports. Five investment analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $72.25.

A number of equities analysts recently issued reports on TECX shares. Leerink Partners boosted their price objective on Tectonic Therapeutic from $49.00 to $69.00 and gave the company an “outperform” rating in a report on Monday, November 11th. Raymond James assumed coverage on shares of Tectonic Therapeutic in a report on Wednesday, November 20th. They issued an “outperform” rating and a $65.00 price target on the stock. Finally, Wells Fargo & Company boosted their price objective on shares of Tectonic Therapeutic from $55.00 to $79.00 and gave the company an “overweight” rating in a research report on Tuesday, November 12th.

Insiders Place Their Bets

In related news, Director Timothy A. Springer acquired 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The stock was purchased at an average cost of $28.82 per share, for a total transaction of $1,441,000.00. Following the purchase, the director now directly owns 3,796,764 shares of the company’s stock, valued at $109,422,738.48. This trade represents a 1.33 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. 9.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Tectonic Therapeutic

A number of large investors have recently added to or reduced their stakes in TECX. Exome Asset Management LLC grew its holdings in Tectonic Therapeutic by 12.2% in the third quarter. Exome Asset Management LLC now owns 36,344 shares of the company’s stock worth $1,101,000 after purchasing an additional 3,955 shares during the last quarter. Geode Capital Management LLC grew its stake in Tectonic Therapeutic by 147.7% during the 3rd quarter. Geode Capital Management LLC now owns 76,879 shares of the company’s stock worth $2,331,000 after buying an additional 45,846 shares during the last quarter. Ikarian Capital LLC increased its position in Tectonic Therapeutic by 325.1% during the 3rd quarter. Ikarian Capital LLC now owns 267,145 shares of the company’s stock valued at $8,094,000 after buying an additional 204,309 shares in the last quarter. Walleye Capital LLC raised its stake in Tectonic Therapeutic by 204.2% in the third quarter. Walleye Capital LLC now owns 72,962 shares of the company’s stock valued at $2,211,000 after buying an additional 48,978 shares during the last quarter. Finally, Acuta Capital Partners LLC acquired a new stake in Tectonic Therapeutic in the third quarter worth about $415,000. 62.63% of the stock is currently owned by institutional investors.

Tectonic Therapeutic Price Performance

Shares of NASDAQ:TECX opened at $47.53 on Friday. Tectonic Therapeutic has a 12 month low of $12.12 and a 12 month high of $53.34. The company has a market cap of $701.21 million, a P/E ratio of -8.07 and a beta of 2.60. The firm’s 50-day moving average price is $42.94.

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.