Tectonic Therapeutic (NASDAQ:TECX) Trading Down 8.8% – Here’s What Happened

Tectonic Therapeutic (NASDAQ:TECX)’s stock price traded down 8.8% on Friday . The stock traded as low as $39.88 and last traded at $40.00. 47,188 shares were traded during trading, a decline of 51% from the average session volume of 96,226 shares. The stock had previously closed at $43.87.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on TECX shares. Raymond James started coverage on Tectonic Therapeutic in a research report on Wednesday, November 20th. They set an “outperform” rating and a $65.00 price objective for the company. Leerink Partners raised their price target on shares of Tectonic Therapeutic from $49.00 to $69.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Finally, 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 research note on Tuesday, November 12th. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $72.25.

Tectonic Therapeutic Trading Down 8.3 %

The firm has a market capitalization of $593.51 million, a price-to-earnings ratio of -6.83 and a beta of 2.63. The company has a fifty day moving average price of $46.58 and a 200-day moving average price of $30.66.

Insider Activity at Tectonic Therapeutic

In related news, Director Timothy A. Springer purchased 300,000 shares of the stock in a transaction on Tuesday, October 22nd. The shares were bought at an average price of $33.59 per share, for a total transaction of $10,077,000.00. Following the completion of the acquisition, 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 9.20% of the company’s stock.

Institutional Trading of Tectonic Therapeutic

Several large investors have recently modified their holdings of TECX. Nordwand Advisors LLC bought a new position in Tectonic Therapeutic in the 3rd quarter worth approximately $45,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Tectonic Therapeutic in the third quarter worth $233,000. Acuta Capital Partners LLC bought a new stake in shares of Tectonic Therapeutic in the third quarter valued at about $415,000. Exome Asset Management LLC grew 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 worth $1,101,000 after buying an additional 3,955 shares in the last quarter. Finally, Affinity Asset Advisors LLC acquired a new stake in Tectonic Therapeutic during the second quarter worth about $961,000. 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.