Tectonic Therapeutic (NASDAQ:TECX) Receives Consensus Recommendation of “Buy” from Brokerages

Tectonic Therapeutic (NASDAQ:TECX) has been assigned an average recommendation of “Buy” from the five brokerages that are covering the stock, Marketbeat.com reports. Four investment analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $74.67.

Several research firms recently commented on TECX. Leerink Partners raised their target price on Tectonic Therapeutic from $49.00 to $69.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Leerink Partnrs raised shares of Tectonic Therapeutic to a “strong-buy” rating in a research report on Wednesday, July 24th. Raymond James began coverage on shares of Tectonic Therapeutic in a research report on Wednesday. They set an “outperform” rating and a $65.00 target price on the stock. Finally, Wells Fargo & Company raised their price target on shares of Tectonic Therapeutic from $55.00 to $79.00 and gave the stock an “overweight” rating in a report on Tuesday, November 12th.

Insiders Place Their Bets

In related news, Director Timothy A. Springer bought 300,000 shares of the company’s stock in a transaction dated Tuesday, October 22nd. The shares were bought at an average price of $33.59 per share, for a total transaction of $10,077,000.00. Following the completion of the acquisition, the director now directly owns 4,096,764 shares of the company’s stock, valued at $137,610,302.76. This trade represents a 7.90 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 9.20% of the company’s stock.

Institutional Investors Weigh In On Tectonic Therapeutic

A number of institutional investors and hedge funds have recently bought and sold shares of TECX. Nordwand Advisors LLC purchased a new position in Tectonic Therapeutic during the 3rd quarter worth $45,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Tectonic Therapeutic during the third quarter worth about $233,000. Acuta Capital Partners LLC purchased a new position in Tectonic Therapeutic during the third quarter worth about $415,000. Geode Capital Management LLC grew its position in Tectonic Therapeutic by 147.7% in the 3rd quarter. Geode Capital Management LLC now owns 76,879 shares of the company’s stock worth $2,331,000 after purchasing an additional 45,846 shares in the last quarter. Finally, Walleye Capital LLC increased its stake in Tectonic Therapeutic by 204.2% in the 3rd 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. 62.63% of the stock is owned by hedge funds and other institutional investors.

Tectonic Therapeutic Stock Performance

Shares of Tectonic Therapeutic stock opened at $40.86 on Wednesday. The stock’s 50-day simple moving average is $33.55. Tectonic Therapeutic has a 1-year low of $12.12 and a 1-year high of $48.63. The firm has a market cap of $602.81 million, a P/E ratio of -6.94 and a beta of 2.60.

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.