Tectonic Therapeutic (NASDAQ:TECX) Shares Gap Up – Still a Buy?

Tectonic Therapeutic (NASDAQ:TECX) shares gapped up before the market opened on Friday . The stock had previously closed at $45.69, but opened at $47.00. Tectonic Therapeutic shares last traded at $45.99, with a volume of 4,726 shares.

Wall Street Analyst Weigh In

TECX has been the topic of several analyst reports. Leerink Partners boosted their price target on shares of Tectonic Therapeutic from $49.00 to $69.00 and gave the company an “outperform” rating in a report on Monday, November 11th. Wells Fargo & Company increased their price target on shares of Tectonic Therapeutic from $55.00 to $79.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 12th. Finally, Raymond James began coverage on Tectonic Therapeutic in a report on Wednesday, November 20th. They set an “outperform” rating and a $65.00 price objective on the stock. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $72.25.

Tectonic Therapeutic Stock Up 6.2 %

The stock has a market capitalization of $715.82 million, a PE ratio of -8.24 and a beta of 2.60. The business’s fifty day moving average price is $46.18.

Insider Activity

In other Tectonic Therapeutic news, Director Timothy A. Springer bought 300,000 shares of the stock in a transaction dated Tuesday, October 22nd. The stock was bought at an average cost of $33.59 per share, for a total transaction of $10,077,000.00. Following the completion of the purchase, the director now owns 4,096,764 shares in the company, valued at $137,610,302.76. This represents a 7.90 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 9.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Tectonic Therapeutic

Hedge funds have recently added to or reduced their stakes in the stock. Vida Ventures Advisors LLC acquired a new position in shares of Tectonic Therapeutic during the third quarter worth approximately $31,169,000. Farallon Capital Management LLC bought a new position in Tectonic Therapeutic in the 2nd quarter worth approximately $7,099,000. Atlas Venture Life Science Advisors LLC acquired a new position in Tectonic Therapeutic during the 2nd quarter worth $6,233,000. Ikarian Capital LLC boosted its position in Tectonic Therapeutic by 325.1% in 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 during the last quarter. Finally, FMR LLC increased its stake in shares of Tectonic Therapeutic by 13.2% in the 3rd quarter. FMR LLC now owns 1,220,138 shares of the company’s stock valued at $36,970,000 after buying an additional 142,600 shares during the period. Institutional investors 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.