Tectonic Therapeutic (NASDAQ:TECX) Sets New 1-Year High on Analyst Upgrade

Tectonic Therapeutic (NASDAQ:TECX) reached a new 52-week high during trading on Wednesday after Wells Fargo & Company raised their price target on the stock from $55.00 to $79.00. Wells Fargo & Company currently has an overweight rating on the stock. Tectonic Therapeutic traded as high as $49.95 and last traded at $49.95, with a volume of 640 shares traded. The stock had previously closed at $47.75.

Several other equities analysts have also recently weighed in on TECX. Leerink Partnrs upgraded Tectonic Therapeutic to a “strong-buy” rating in a report on Wednesday, July 24th. Leerink Partners lifted their price target on Tectonic Therapeutic from $49.00 to $69.00 and gave the stock an “outperform” rating in a report on Monday. Four research 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 company presently has a consensus rating of “Buy” and a consensus target price of $74.67.

Insider Activity at Tectonic Therapeutic

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

Institutional Investors Weigh In On Tectonic Therapeutic

Several large investors have recently added to or reduced their stakes in the company. Nordwand Advisors LLC bought a new position in Tectonic Therapeutic during the third quarter worth about $45,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Tectonic Therapeutic in the 3rd quarter valued at approximately $233,000. Affinity Asset Advisors LLC bought a new stake in shares of Tectonic Therapeutic during the 2nd quarter valued at $961,000. Renaissance Technologies LLC purchased a new stake in Tectonic Therapeutic during the 2nd quarter worth about $1,466,000. Finally, Acadian Asset Management LLC bought a new position in Tectonic Therapeutic in the 2nd quarter worth about $1,804,000. Hedge funds and other institutional investors own 62.63% of the company’s stock.

Tectonic Therapeutic Stock Up 4.6 %

The business’s fifty day moving average price is $31.16.

Tectonic Therapeutic (NASDAQ:TECX) last posted its earnings results on Wednesday, August 14th. The company reported ($3.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.96) by ($1.85). Analysts predict that Tectonic Therapeutic will post -5.38 earnings per share for the current year.

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.