Tectonic Therapeutic (NASDAQ:TECX) Shares Gap Up – Here’s Why

Tectonic Therapeutic (NASDAQ:TECX) shares gapped up prior to trading on Friday . The stock had previously closed at $45.69, but opened at $47.00. Tectonic Therapeutic shares last traded at $45.99, with a volume of 4,726 shares traded.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on TECX shares. Raymond James assumed coverage on Tectonic Therapeutic in a research note on Wednesday, November 20th. They issued an “outperform” rating and a $65.00 price objective for the company. Wells Fargo & Company raised their price objective 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, Leerink Partners lifted their price objective on Tectonic Therapeutic from $49.00 to $69.00 and gave the company an “outperform” rating in a research report on Monday, November 11th. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $72.25.

Tectonic Therapeutic Stock Up 2.0 %

The stock’s fifty day moving average price is $45.98. The firm has a market capitalization of $687.34 million, a price-to-earnings ratio of -7.91 and a beta of 2.60.

Insider Activity at Tectonic Therapeutic

In other news, Director Timothy A. Springer acquired 300,000 shares of the business’s stock in a transaction dated Tuesday, October 22nd. The stock was purchased at an average price of $33.59 per share, for a total transaction of $10,077,000.00. Following the completion of the transaction, the director now directly owns 4,096,764 shares in the company, valued at approximately $137,610,302.76. This trade represents a 7.90 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 9.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Tectonic Therapeutic

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Nordwand Advisors LLC bought a new stake in Tectonic Therapeutic in the 3rd quarter worth approximately $45,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Tectonic Therapeutic in the third quarter worth $233,000. Acuta Capital Partners LLC purchased a new stake in Tectonic Therapeutic during the third quarter valued at $415,000. Affinity Asset Advisors LLC purchased a new stake in Tectonic Therapeutic during the second quarter valued at $961,000. Finally, Exome Asset Management LLC lifted its position in Tectonic Therapeutic by 12.2% during the third quarter. Exome Asset Management LLC now owns 36,344 shares of the company’s stock valued at $1,101,000 after purchasing an additional 3,955 shares during the last quarter. 62.63% of the stock is owned by institutional investors.

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.