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

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

Wall Street Analyst Weigh In

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

Tectonic Therapeutic Price Performance

The stock has a market cap of $725.11 million, a P/E ratio of -8.35 and a beta of 2.60. The stock’s fifty day moving average price is $37.01.

Insider Transactions at Tectonic Therapeutic

In other Tectonic Therapeutic news, Director Timothy A. Springer bought 300,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were purchased at an average cost of $33.59 per share, with a total value of $10,077,000.00. Following the purchase, 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 acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 9.20% of the company’s stock.

Hedge Funds Weigh In On Tectonic Therapeutic

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Nordwand Advisors LLC acquired a new stake in shares of Tectonic Therapeutic in the third quarter valued at $45,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Tectonic Therapeutic during the 3rd quarter worth $233,000. Acuta Capital Partners LLC purchased a new stake in Tectonic Therapeutic during the 3rd quarter worth about $415,000. Affinity Asset Advisors LLC acquired a new stake in Tectonic Therapeutic in the 2nd quarter valued at about $961,000. Finally, Renaissance Technologies LLC purchased a new position in shares of Tectonic Therapeutic in the 2nd quarter valued at about $1,466,000. Hedge funds and other 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.