Tectonic Therapeutic (NASDAQ:TECX) Sees Unusually-High Trading Volume – Still a Buy?

Shares of Tectonic Therapeutic (NASDAQ:TECX) saw unusually-strong trading volume on Monday . Approximately 106,583 shares changed hands during trading, an increase of 163% from the previous session’s volume of 40,586 shares.The stock last traded at $33.73 and had previously closed at $31.36.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on TECX shares. Leerink Partners started coverage on Tectonic Therapeutic in a research report on Wednesday, July 24th. They set an “outperform” rating and a $49.00 price objective on the stock. Wells Fargo & Company initiated coverage on Tectonic Therapeutic in a research report on Thursday, August 22nd. They set an “overweight” rating and a $55.00 price objective on the stock. TD Cowen initiated coverage on Tectonic Therapeutic in a research note on Monday, June 24th. They issued a “buy” rating for the company. Leerink Partnrs upgraded Tectonic Therapeutic to a “strong-buy” rating in a research note on Wednesday, July 24th. Finally, Piper Sandler initiated coverage on Tectonic Therapeutic in a research note on Wednesday, June 26th. They issued an “overweight” rating and a $76.00 price target for the company. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $60.00.

Tectonic Therapeutic Stock Up 7.6 %

The firm has a market cap of $1.52 billion, a P/E ratio of 48.88 and a beta of 2.63. The business’s 50 day moving average price is $21.31.

Tectonic Therapeutic (NASDAQ:TECX) last announced its quarterly earnings data 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). Equities research analysts forecast that Tectonic Therapeutic will post -4.91 earnings per share for the current fiscal year.

Insider Activity at Tectonic Therapeutic

In other Tectonic Therapeutic news, Director Timothy A. Springer acquired 50,000 shares of the company’s stock in a transaction on Thursday, September 26th. The shares were bought at an average cost of $28.82 per share, with a total value of $1,441,000.00. Following the completion of the acquisition, the director now owns 3,796,764 shares in the company, valued at approximately $109,422,738.48. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 9.20% of the stock is owned by company insiders.

Institutional Trading of Tectonic Therapeutic

A number of institutional investors have recently made changes to their positions in TECX. Vida Ventures Advisors LLC purchased a new stake in shares of Tectonic Therapeutic during the third quarter worth approximately $31,169,000. Farallon Capital Management LLC purchased a new stake in shares of Tectonic Therapeutic during the second quarter worth approximately $7,099,000. Atlas Venture Life Science Advisors LLC purchased a new stake in Tectonic Therapeutic in the 2nd quarter valued at $6,233,000. Acadian Asset Management LLC purchased a new stake in Tectonic Therapeutic in the 2nd quarter valued at $1,804,000. Finally, Renaissance Technologies LLC purchased a new stake in Tectonic Therapeutic in the 2nd quarter valued at $1,466,000. 62.63% of the stock is owned by institutional investors and hedge funds.

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.