Tectonic Therapeutic (NASDAQ:TECX) Trading Down 8.8% – What’s Next?

Tectonic Therapeutic (NASDAQ:TECX) shares traded down 8.8% during mid-day trading on Friday . The company traded as low as $39.88 and last traded at $40.00. 47,188 shares were traded during mid-day trading, a decline of 51% from the average session volume of 96,226 shares. The stock had previously closed at $43.87.

Analyst Upgrades and Downgrades

TECX has been the subject of several recent analyst reports. Wells Fargo & Company boosted their price objective on shares of Tectonic Therapeutic from $55.00 to $79.00 and gave the company an “overweight” rating in a research report on Tuesday, November 12th. Leerink Partners raised their price objective on shares of Tectonic Therapeutic from $49.00 to $69.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Finally, Raymond James initiated coverage on Tectonic Therapeutic in a report on Wednesday, November 20th. They set an “outperform” rating and a $65.00 price objective for the company. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Tectonic Therapeutic has a consensus rating of “Buy” and an average price target of $72.25.

Tectonic Therapeutic Price Performance

The stock has a market cap of $592.48 million, a PE ratio of -6.82 and a beta of 2.63. The business has a fifty day moving average of $46.57 and a 200-day moving average of $30.93.

Insider Buying and Selling at Tectonic Therapeutic

In other Tectonic Therapeutic news, Director Timothy A. Springer acquired 300,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were bought at an average cost of $33.59 per share, with a total value of $10,077,000.00. Following the completion of the acquisition, the director now directly owns 4,096,764 shares in the company, valued at $137,610,302.76. This represents a 7.90 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 9.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Tectonic Therapeutic

A number of hedge funds have recently bought and sold shares of TECX. Nordwand Advisors LLC bought a new position in shares of Tectonic Therapeutic in the 3rd quarter worth $45,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Tectonic Therapeutic in the third quarter worth about $233,000. Acuta Capital Partners LLC bought a new position in Tectonic Therapeutic in the third quarter worth about $415,000. Affinity Asset Advisors LLC purchased a new stake in shares of Tectonic Therapeutic during the second quarter valued at about $961,000. Finally, Exome Asset Management LLC boosted its holdings in shares of Tectonic Therapeutic by 12.2% in the 3rd quarter. Exome Asset Management LLC now owns 36,344 shares of the company’s stock valued at $1,101,000 after buying an additional 3,955 shares in the last quarter. 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.