Tectonic Therapeutic (NASDAQ:TECX) Trading Down 5% – Here’s Why

Shares of Tectonic Therapeutic (NASDAQ:TECX) traded down 5% during trading on Tuesday . The stock traded as low as $43.50 and last traded at $45.66. 18,563 shares were traded during trading, a decline of 64% from the average session volume of 51,742 shares. The stock had previously closed at $48.04.

Analyst Ratings Changes

A number of brokerages have recently issued reports on TECX. Raymond James started coverage on shares of Tectonic Therapeutic in a research report on Wednesday, November 20th. They issued an “outperform” rating and a $65.00 price objective on the stock. Leerink Partners lifted their price target on shares of Tectonic Therapeutic from $49.00 to $69.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Finally, Wells Fargo & Company upped their price target on Tectonic Therapeutic from $55.00 to $79.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 12th. Five research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Tectonic Therapeutic has an average rating of “Buy” and a consensus target price of $72.25.

Tectonic Therapeutic Trading Up 2.8 %

The stock has a 50-day moving average of $37.01. The company has a market capitalization of $725.11 million, a P/E ratio of -8.35 and a beta of 2.60.

Insider Activity at Tectonic Therapeutic

In other news, Director Timothy A. Springer bought 300,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were purchased at an average price of $33.59 per share, for a total transaction of $10,077,000.00. Following the completion of the transaction, the director now directly owns 4,096,764 shares in the company, valued at approximately $137,610,302.76. This represents a 7.90 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. 9.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Tectonic Therapeutic

A number of institutional investors have recently modified their holdings of TECX. Nordwand Advisors LLC purchased a new stake in Tectonic Therapeutic during the third quarter worth $45,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Tectonic Therapeutic in the 3rd quarter worth $233,000. Acuta Capital Partners LLC purchased a new position in Tectonic Therapeutic during the third quarter valued at $415,000. Affinity Asset Advisors LLC acquired a new stake in shares of Tectonic Therapeutic in the second quarter valued at about $961,000. Finally, Renaissance Technologies LLC purchased a new stake in shares of Tectonic Therapeutic during the second quarter worth about $1,466,000. Hedge funds and other 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.