Tectonic Therapeutic (NASDAQ:TECX) Sees Strong Trading Volume – Here’s What Happened

Tectonic Therapeutic (NASDAQ:TECX) saw unusually-high trading volume on Wednesday . Approximately 135,323 shares traded hands during trading, an increase of 207% from the previous session’s volume of 44,133 shares.The stock last traded at $41.03 and had previously closed at $40.98.

Wall Street Analyst Weigh In

TECX has been the subject of a number of analyst reports. Leerink Partners initiated coverage on shares of Tectonic Therapeutic in a research report on Wednesday, July 24th. They set an “outperform” rating and a $49.00 target price for the company. Wells Fargo & Company initiated coverage on shares of Tectonic Therapeutic in a research report on Thursday, August 22nd. They set an “overweight” rating and a $55.00 target price for the company. Finally, Leerink Partnrs raised shares of Tectonic Therapeutic to a “strong-buy” rating in a research report on Wednesday, July 24th. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Tectonic Therapeutic has a consensus rating of “Buy” and an average target price of $60.00.

Tectonic Therapeutic Trading Down 0.4 %

The company has a fifty day simple moving average of $27.11. The company has a market capitalization of $602.16 million, a price-to-earnings ratio of -7.88 and a beta of 2.63.

Tectonic Therapeutic (NASDAQ:TECX) last posted its quarterly earnings results on Wednesday, August 14th. The company reported ($3.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.96) by ($1.85). On average, equities research analysts expect that Tectonic Therapeutic will post -4.91 earnings per share for the current year.

Insider Buying and Selling

In other Tectonic Therapeutic news, Director Timothy A. Springer bought 50,000 shares of Tectonic Therapeutic stock in a transaction that occurred on Thursday, September 26th. The stock was purchased at an average price of $28.82 per share, with a total value of $1,441,000.00. Following the completion of the acquisition, the director now directly owns 3,796,764 shares in the company, valued at approximately $109,422,738.48. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Tectonic Therapeutic news, Director Timothy A. Springer bought 50,000 shares of Tectonic Therapeutic stock in a transaction that occurred on Thursday, September 26th. The stock was purchased at an average price of $28.82 per share, with a total value of $1,441,000.00. Following the completion of the acquisition, the director now directly owns 3,796,764 shares in the company, valued at approximately $109,422,738.48. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Timothy A. Springer bought 300,000 shares of Tectonic Therapeutic stock in a transaction that occurred on Tuesday, October 22nd. The shares were acquired at an average cost of $33.59 per share, with a total value of $10,077,000.00. Following the acquisition, the director now owns 4,096,764 shares of the company’s stock, valued at $137,610,302.76. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 9.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Tectonic Therapeutic

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Affinity Asset Advisors LLC acquired a new stake in Tectonic Therapeutic during the second quarter valued at $961,000. Farallon Capital Management LLC acquired a new stake in Tectonic Therapeutic during the second quarter valued at $7,099,000. Vida Ventures Advisors LLC acquired a new stake in Tectonic Therapeutic during the third quarter valued at $31,169,000. Renaissance Technologies LLC acquired a new stake in Tectonic Therapeutic during the second quarter valued at $1,466,000. Finally, Acadian Asset Management LLC acquired a new stake in shares of Tectonic Therapeutic in the second quarter valued at about $1,804,000. Institutional investors and hedge funds 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.