Tectonic Therapeutic (NASDAQ:TECX) Trading Down 13.3% – Here’s What Happened

Tectonic Therapeutic (NASDAQ:TECX)’s share price dropped 13.3% on Tuesday . The stock traded as low as $37.67 and last traded at $35.69. Approximately 14,718 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 139,525 shares. The stock had previously closed at $41.18.

Wall Street Analyst Weigh In

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

Tectonic Therapeutic Price Performance

The company’s 50 day moving average is $45.32 and its 200-day moving average is $33.00.

Tectonic Therapeutic (NASDAQ:TECX) last posted its quarterly earnings results on Thursday, November 7th. The company reported ($1.20) earnings per share for the quarter, missing the consensus estimate of ($0.84) by ($0.36). On average, analysts anticipate that Tectonic Therapeutic will post -8.31 earnings per share for the current year.

Hedge Funds Weigh In On Tectonic Therapeutic

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TECX. Nordwand Advisors LLC purchased a new position in shares of Tectonic Therapeutic in the third quarter worth $45,000. China Universal Asset Management Co. Ltd. purchased a new stake in Tectonic Therapeutic during the 4th quarter valued at $144,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Tectonic Therapeutic in the third quarter valued at about $233,000. Acuta Capital Partners LLC bought a new position in shares of Tectonic Therapeutic in the 3rd quarter worth approximately $415,000. Finally, Clarius Group LLC purchased a new position in shares of Tectonic Therapeutic during the 4th quarter worth $468,000. 62.63% of the stock is owned by institutional investors.

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.