Timothy A. Springer Purchases 300,000 Shares of Tectonic Therapeutic (NASDAQ:TECX) Stock

Tectonic Therapeutic (NASDAQ:TECX) Director Timothy A. Springer acquired 300,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was purchased at an average cost of $33.59 per share, for a total transaction of $10,077,000.00. Following the acquisition, the director now owns 4,096,764 shares in the company, valued at approximately $137,610,302.76. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this link.

Tectonic Therapeutic Trading Up 6.4 %

Shares of Tectonic Therapeutic stock opened at $38.74 on Friday. Tectonic Therapeutic has a 52 week low of $12.12 and a 52 week high of $39.40. The company has a market capitalization of $1.74 billion, a PE ratio of 56.14 and a beta of 2.63. The business has a 50-day simple moving average of $25.20.

Tectonic Therapeutic (NASDAQ:TECX) last released its earnings results on Wednesday, August 14th. The company reported ($3.81) EPS for the quarter, missing analysts’ consensus estimates of ($1.96) by ($1.85). Equities research analysts anticipate that Tectonic Therapeutic will post -4.91 EPS for the current fiscal year.

Institutional Investors Weigh In On Tectonic Therapeutic

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Affinity Asset Advisors LLC acquired a new position in shares of Tectonic Therapeutic in the 2nd quarter worth $961,000. Renaissance Technologies LLC acquired a new position in shares of Tectonic Therapeutic in the 2nd quarter valued at $1,466,000. Acadian Asset Management LLC purchased a new position in Tectonic Therapeutic in the 2nd quarter worth about $1,804,000. Atlas Venture Life Science Advisors LLC acquired a new stake in Tectonic Therapeutic during the 2nd quarter worth about $6,233,000. Finally, Farallon Capital Management LLC acquired a new stake in Tectonic Therapeutic during the 2nd quarter worth about $7,099,000. Institutional investors and hedge funds own 62.63% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.