Tectonic Therapeutic (NASDAQ:TECX) Receives Average Rating of “Buy” from Analysts

Shares of Tectonic Therapeutic (NASDAQ:TECX) have received an average recommendation of “Buy” from the six brokerages that are currently covering the company, MarketBeat.com reports. Five equities research analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among brokerages that have covered the stock in the last year is $72.25.

A number of brokerages have commented on TECX. Raymond James initiated coverage on shares of Tectonic Therapeutic in a research report on Wednesday, November 20th. They issued an “outperform” rating and a $65.00 price objective on the stock. Leerink Partners increased their target price on Tectonic Therapeutic from $49.00 to $69.00 and gave the company an “outperform” rating in a report on Monday, November 11th. Finally, Wells Fargo & Company raised their price target on Tectonic Therapeutic from $55.00 to $79.00 and gave the company an “overweight” rating in a research note on Tuesday, November 12th.

Insider Buying and Selling

In other news, Director Timothy A. Springer acquired 300,000 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The stock was acquired 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 owns 4,096,764 shares of the company’s stock, valued at $137,610,302.76. The trade was a 7.90 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 9.20% of the stock is owned by company insiders.

Institutional Trading of Tectonic Therapeutic

Institutional investors and hedge funds have recently bought and sold shares of the business. Vida Ventures Advisors LLC acquired a new position in Tectonic Therapeutic in the third quarter valued at $31,169,000. Farallon Capital Management LLC purchased a new stake in Tectonic Therapeutic during the 2nd quarter valued at approximately $7,099,000. Atlas Venture Life Science Advisors LLC acquired a new stake in Tectonic Therapeutic during the 2nd quarter worth approximately $6,233,000. Ikarian Capital LLC grew its stake in shares of Tectonic Therapeutic by 325.1% in the 3rd quarter. Ikarian Capital LLC now owns 267,145 shares of the company’s stock valued at $8,094,000 after purchasing an additional 204,309 shares during the last quarter. Finally, FMR LLC increased its holdings in shares of Tectonic Therapeutic by 13.2% in the third quarter. FMR LLC now owns 1,220,138 shares of the company’s stock valued at $36,970,000 after purchasing an additional 142,600 shares during the period. Hedge funds and other institutional investors own 62.63% of the company’s stock.

Tectonic Therapeutic Stock Down 2.2 %

Shares of TECX opened at $45.33 on Friday. The firm has a 50-day moving average of $42.38. Tectonic Therapeutic has a 1 year low of $12.12 and a 1 year high of $53.34. The stock has a market cap of $668.75 million, a PE ratio of -7.70 and a beta of 2.60.

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.