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

Tectonic Therapeutic (NASDAQ:TECX) shares saw an uptick in trading volume on Wednesday . 135,323 shares traded hands during trading, an increase of 207% from the previous session’s volume of 44,133 shares.The stock last traded at $41.03 and had previously closed at $40.98.

Wall Street Analysts Forecast Growth

TECX has been the subject of several recent research reports. Leerink Partnrs raised shares of Tectonic Therapeutic to a “strong-buy” rating in a research report on Wednesday, July 24th. Wells Fargo & Company began coverage on shares of Tectonic Therapeutic in a research note on Thursday, August 22nd. They set an “overweight” rating and a $55.00 price target on the stock. Finally, Leerink Partners assumed coverage on shares of Tectonic Therapeutic in a research report on Wednesday, July 24th. They issued an “outperform” rating and a $49.00 price objective 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’s stock. According to data from MarketBeat, Tectonic Therapeutic currently has an average rating of “Buy” and a consensus target price of $60.00.

Tectonic Therapeutic Price Performance

The firm has a market cap of $606.45 million, a P/E ratio of -7.76 and a beta of 2.63. The company’s 50 day moving average is $26.14.

Tectonic Therapeutic (NASDAQ:TECX) last announced 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). Equities analysts expect that Tectonic Therapeutic will post -4.91 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Timothy A. Springer bought 300,000 shares of Tectonic Therapeutic stock in a transaction on Tuesday, October 22nd. The shares were bought at an average price of $33.59 per share, with a total value of $10,077,000.00. Following the acquisition, the director now directly owns 4,096,764 shares in the company, valued at approximately $137,610,302.76. This represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Tectonic Therapeutic news, Director Timothy A. Springer acquired 50,000 shares of the company’s stock in a transaction that occurred on Thursday, September 26th. The shares were purchased at an average price of $28.82 per share, for a total transaction of $1,441,000.00. Following the completion of the purchase, the director now directly owns 3,796,764 shares in the company, valued at $109,422,738.48. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Timothy A. Springer bought 300,000 shares of the business’s stock in a transaction on Tuesday, October 22nd. The stock was acquired at an average cost of $33.59 per share, for a total transaction of $10,077,000.00. Following the acquisition, the director now directly owns 4,096,764 shares of the company’s stock, valued at $137,610,302.76. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 9.20% of the company’s stock.

Hedge Funds Weigh In On Tectonic Therapeutic

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

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.