Tectonic Therapeutic (NASDAQ:TECX) Shares Down 7.9% – Time to Sell?

Tectonic Therapeutic (NASDAQ:TECX)’s share price was down 7.9% during mid-day trading on Thursday . The company traded as low as $42.00 and last traded at $43.03. Approximately 21,331 shares were traded during trading, a decline of 57% from the average daily volume of 49,414 shares. The stock had previously closed at $46.74.

Analysts Set New Price Targets

A number of brokerages recently issued reports on TECX. Leerink Partners upped their price objective on shares of Tectonic Therapeutic from $49.00 to $69.00 and gave the company an “outperform” rating in a report on Monday. Wells Fargo & Company upped their price objective on shares of Tectonic Therapeutic from $55.00 to $79.00 and gave the company an “overweight” rating in a report on Tuesday. Finally, Leerink Partnrs raised shares of Tectonic Therapeutic to a “strong-buy” rating in a report on Wednesday, July 24th. Four equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Tectonic Therapeutic has a consensus rating of “Buy” and a consensus target price of $74.67.

Tectonic Therapeutic Stock Performance

The company’s 50 day moving average is $31.71. The stock has a market cap of $637.22 million, a P/E ratio of -7.19 and a beta of 2.60.

Tectonic Therapeutic (NASDAQ:TECX) last announced its quarterly earnings results on Wednesday, August 14th. The company reported ($3.81) EPS for the quarter, missing the consensus estimate of ($1.96) by ($1.85). As a group, analysts expect that Tectonic Therapeutic will post -7.76 EPS for the current fiscal year.

Insider Activity

In other Tectonic Therapeutic news, Director Timothy A. Springer bought 300,000 shares of Tectonic Therapeutic stock in a transaction that occurred on Tuesday, October 22nd. The stock was purchased at an average cost of $33.59 per share, for a total transaction 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 approximately $137,610,302.76. This 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. In other news, Director Timothy A. Springer purchased 50,000 shares of Tectonic Therapeutic stock in a transaction that occurred on Thursday, September 26th. The stock was acquired at an average price of $28.82 per share, for a total transaction of $1,441,000.00. Following the transaction, the director now owns 3,796,764 shares in the company, valued at $109,422,738.48. The trade was a 1.33 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Timothy A. Springer purchased 300,000 shares of Tectonic Therapeutic stock in a transaction that occurred on Tuesday, October 22nd. The stock was purchased 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 in the company, valued at $137,610,302.76. This represents a 7.90 % increase in their position. The disclosure for this purchase can be found here. Insiders own 9.20% of the company’s stock.

Institutional Investors Weigh In On Tectonic Therapeutic

Several hedge funds have recently made changes to their positions in TECX. Nordwand Advisors LLC acquired a new stake in shares of Tectonic Therapeutic during the 3rd quarter valued at about $45,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Tectonic Therapeutic in the third quarter valued at approximately $233,000. Acuta Capital Partners LLC acquired a new position in shares of Tectonic Therapeutic in the third quarter valued at approximately $415,000. Affinity Asset Advisors LLC bought a new stake in shares of Tectonic Therapeutic in the second quarter worth $961,000. Finally, Renaissance Technologies LLC bought a new stake in shares of Tectonic Therapeutic in the second quarter worth $1,466,000. 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.