Tectonic Therapeutic (NASDAQ:TECX) Shares Down 4% – Here’s Why

Tectonic Therapeutic (NASDAQ:TECX)’s stock price was down 4% during mid-day trading on Wednesday . The company traded as low as $48.64 and last traded at $49.62. Approximately 44,969 shares traded hands during trading, a decline of 15% from the average daily volume of 52,618 shares. The stock had previously closed at $51.70.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on TECX shares. Wells Fargo & Company boosted their target price on Tectonic Therapeutic from $55.00 to $79.00 and gave the company an “overweight” rating in a research note on Tuesday, November 12th. Leerink Partners lifted their price target on shares of Tectonic Therapeutic from $49.00 to $69.00 and gave the company an “outperform” rating in a report on Monday, November 11th. Finally, Raymond James started coverage on shares of Tectonic Therapeutic in a research report on Wednesday, November 20th. They set an “outperform” rating and a $65.00 price objective on the stock. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Tectonic Therapeutic has an average rating of “Buy” and a consensus target price of $72.25.

Tectonic Therapeutic Stock Up 0.4 %

The stock has a market cap of $759.63 million, a P/E ratio of -8.70 and a beta of 2.60. The company’s 50-day moving average is $40.22.

Insider Transactions 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 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 approximately $137,610,302.76. This represents a 7.90 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 9.20% of the company’s stock.

Hedge Funds Weigh In On Tectonic Therapeutic

A number of hedge funds have recently bought and sold shares of TECX. Nordwand Advisors LLC bought a new stake in Tectonic Therapeutic in the 3rd quarter worth approximately $45,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Tectonic Therapeutic in the 3rd quarter worth $233,000. Acuta Capital Partners LLC bought a new stake in shares of Tectonic Therapeutic in the third quarter worth $415,000. Affinity Asset Advisors LLC purchased a new stake in Tectonic Therapeutic during the second quarter valued at $961,000. Finally, Renaissance Technologies LLC bought a new position in Tectonic Therapeutic in the second quarter valued at about $1,466,000. Hedge funds and other institutional investors own 62.63% of the company’s stock.

Tectonic Therapeutic Company Profile

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.