Tectonic Therapeutic (NASDAQ:TECX) Stock Price Down 7.1% – Should You Sell?

Tectonic Therapeutic (NASDAQ:TECX)’s stock price dropped 7.1% during trading on Wednesday . The stock traded as low as $44.16 and last traded at $44.16. Approximately 50,935 shares changed hands during trading, a decline of 5% from the average daily volume of 53,860 shares. The stock had previously closed at $47.53.

Wall Street Analyst Weigh In

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

Tectonic Therapeutic Stock Performance

The company’s 50 day moving average is $42.94. The stock has a market cap of $637.33 million, a P/E ratio of -7.33 and a beta of 2.60.

Insiders Place Their Bets

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 stock was bought at an average cost of $33.59 per share, for a total transaction of $10,077,000.00. Following the purchase, the director now owns 4,096,764 shares in the company, valued at $137,610,302.76. This represents a 7.90 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 9.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. FMR LLC increased its position in shares of Tectonic Therapeutic by 13.2% in the 3rd quarter. FMR LLC now owns 1,220,138 shares of the company’s stock worth $36,970,000 after purchasing an additional 142,600 shares during the last quarter. Vida Ventures Advisors LLC bought a new stake in Tectonic Therapeutic in the third quarter valued at about $31,169,000. Farallon Capital Management LLC bought a new stake in Tectonic Therapeutic in the second quarter valued at about $7,099,000. Atlas Venture Life Science Advisors LLC acquired a new stake in Tectonic Therapeutic during the second quarter valued at approximately $6,233,000. Finally, Ikarian Capital LLC lifted its holdings in Tectonic Therapeutic by 325.1% during the 3rd quarter. Ikarian Capital LLC now owns 267,145 shares of the company’s stock worth $8,094,000 after buying an additional 204,309 shares during the last quarter. 62.63% of the stock is currently owned by institutional investors.

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.