Tectonic Therapeutic (NASDAQ:TECX) Sets New 12-Month High After Insider Buying Activity

Shares of Tectonic Therapeutic (NASDAQ:TECX) hit a new 52-week high on Friday after an insider bought additional shares in the company. The stock traded as high as $38.10 and last traded at $37.61, with a volume of 7273 shares traded. The stock had previously closed at $36.40.

Specifically, Director Timothy A. Springer acquired 300,000 shares of the company’s stock in a transaction on Tuesday, October 22nd. The shares were 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 directly owns 4,096,764 shares in the company, valued at $137,610,302.76. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Analyst Ratings Changes

Several analysts have recently issued reports on TECX shares. Wells Fargo & Company started coverage on shares of Tectonic Therapeutic in a research report on Thursday, August 22nd. They issued an “overweight” rating and a $55.00 price target on the stock. Leerink Partners assumed coverage on Tectonic Therapeutic in a research report on Wednesday, July 24th. They set an “outperform” rating and a $49.00 target price on the stock. Finally, Leerink Partnrs upgraded Tectonic Therapeutic to a “strong-buy” rating in a research note on Wednesday, July 24th. Four research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $60.00.

Tectonic Therapeutic Stock Up 3.5 %

The business has a 50 day moving average price of $24.77. The firm has a market cap of $1.69 billion, a price-to-earnings ratio of 52.75 and a beta of 2.63.

Tectonic Therapeutic (NASDAQ:TECX) last posted its quarterly earnings data on Wednesday, August 14th. The company reported ($3.81) earnings per share for the quarter, missing the consensus estimate of ($1.96) by ($1.85). On average, analysts predict that Tectonic Therapeutic will post -4.91 EPS for the current year.

Institutional Trading of Tectonic Therapeutic

Institutional investors and hedge funds have recently made changes to their positions in the stock. Affinity Asset Advisors LLC purchased a new position in Tectonic Therapeutic in the second quarter worth $961,000. Renaissance Technologies LLC purchased a new position in shares of Tectonic Therapeutic in the 2nd quarter worth about $1,466,000. Acadian Asset Management LLC bought a new position in shares of Tectonic Therapeutic during the 2nd quarter valued at about $1,804,000. Atlas Venture Life Science Advisors LLC purchased a new position in shares of Tectonic Therapeutic during the 2nd quarter valued at about $6,233,000. Finally, Farallon Capital Management LLC bought a new stake in Tectonic Therapeutic in the 2nd quarter worth approximately $7,099,000. 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.