Tectonic Therapeutic (NASDAQ:TECX) Shares Gap Up – Should You Buy?

Shares of Tectonic Therapeutic (NASDAQ:TECX) gapped up before the market opened on Wednesday . The stock had previously closed at $40.86, but opened at $43.68. Tectonic Therapeutic shares last traded at $42.75, with a volume of 20,644 shares.

Analyst Ratings Changes

A number of brokerages have commented on TECX. Wells Fargo & Company boosted their price objective on Tectonic Therapeutic from $55.00 to $79.00 and gave the stock an “overweight” rating in a report on Tuesday, November 12th. Leerink Partners boosted their price objective on Tectonic Therapeutic from $49.00 to $69.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Leerink Partnrs upgraded Tectonic Therapeutic to a “strong-buy” rating in a research note on Wednesday, July 24th. Finally, Raymond James initiated coverage on Tectonic Therapeutic in a research note on Wednesday. They issued an “outperform” rating and a $65.00 target price on the stock. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average price target of $72.25.

Tectonic Therapeutic Stock Performance

The stock has a market cap of $638.95 million, a PE ratio of -7.39 and a beta of 2.60. The company’s 50 day simple moving average is $33.55.

Insider Buying and Selling

In other 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, for a total transaction of $10,077,000.00. Following the completion of the purchase, the director now owns 4,096,764 shares of the company’s stock, 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 9.20% of the company’s stock.

Hedge Funds Weigh In On Tectonic Therapeutic

Several hedge funds have recently bought and sold shares of the stock. FMR LLC grew its stake in Tectonic Therapeutic by 13.2% during the third quarter. FMR LLC now owns 1,220,138 shares of the company’s stock worth $36,970,000 after buying an additional 142,600 shares during the period. Vida Ventures Advisors LLC bought a new stake in Tectonic Therapeutic during the 3rd quarter valued at $31,169,000. Farallon Capital Management LLC bought a new position in shares of Tectonic Therapeutic in the second quarter valued at approximately $7,099,000. Atlas Venture Life Science Advisors LLC bought a new stake in Tectonic Therapeutic in the second quarter worth about $6,233,000. Finally, Ikarian Capital LLC raised its position in shares of Tectonic Therapeutic by 325.1% during the third quarter. Ikarian Capital LLC now owns 267,145 shares of the company’s stock worth $8,094,000 after purchasing an additional 204,309 shares during the period. 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.