Tectonic Therapeutic (NASDAQ:TECX) Price Target Raised to $69.00

Tectonic Therapeutic (NASDAQ:TECX) had its price target raised by Leerink Partners from $49.00 to $69.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other equities analysts have also weighed in on the stock. Wells Fargo & Company began coverage on shares of Tectonic Therapeutic in a research report on Thursday, August 22nd. They set an “overweight” rating and a $55.00 target price for the company. Leerink Partnrs raised shares of Tectonic Therapeutic to a “strong-buy” rating in a report on Wednesday, July 24th. Four equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $74.67.

Tectonic Therapeutic Stock Down 7.4 %

Shares of Tectonic Therapeutic stock opened at $43.26 on Monday. The stock has a market capitalization of $637.22 million, a P/E ratio of -7.34 and a beta of 2.60. The firm has a 50-day simple moving average of $31.71. Tectonic Therapeutic has a 52 week low of $12.12 and a 52 week high of $48.63.

Tectonic Therapeutic (NASDAQ:TECX) last posted its quarterly earnings results on Wednesday, August 14th. The company reported ($3.81) EPS for the quarter, missing analysts’ consensus estimates of ($1.96) by ($1.85). Analysts forecast that Tectonic Therapeutic will post -7.76 earnings per share for the current year.

Insider Activity at Tectonic Therapeutic

In other Tectonic Therapeutic news, Director Timothy A. Springer bought 300,000 shares of Tectonic Therapeutic stock in a transaction dated Tuesday, October 22nd. The shares were purchased 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 in the company, valued at approximately $137,610,302.76. This represents a 7.90 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. 9.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Nordwand Advisors LLC purchased a new stake in Tectonic Therapeutic during the third quarter valued at approximately $45,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Tectonic Therapeutic during the 3rd quarter valued at approximately $233,000. Acuta Capital Partners LLC purchased a new stake in Tectonic Therapeutic during the 3rd quarter valued at $415,000. Affinity Asset Advisors LLC bought a new stake in Tectonic Therapeutic in the second quarter worth $961,000. Finally, Walleye Capital LLC boosted its stake in Tectonic Therapeutic by 204.2% during the third quarter. Walleye Capital LLC now owns 72,962 shares of the company’s stock worth $2,211,000 after buying an additional 48,978 shares during the period. 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.