Tectonic Therapeutic (NASDAQ:TECX) Shares Down 2.9%

Tectonic Therapeutic (NASDAQ:TECX) traded down 2.9% during trading on Wednesday . The company traded as low as $16.20 and last traded at $16.20. 16,147 shares traded hands during mid-day trading, a decline of 33% from the average session volume of 24,173 shares. The stock had previously closed at $16.69.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Piper Sandler assumed coverage on Tectonic Therapeutic in a research report on Wednesday, June 26th. They issued an “overweight” rating and a $76.00 price target on the stock. SVB Leerink began coverage on Tectonic Therapeutic in a research report on Wednesday, July 24th. They issued an “outperform” rating and a $49.00 price target on the stock. Leerink Partnrs upgraded Tectonic Therapeutic to a “strong-buy” rating in a research report on Wednesday, July 24th. TD Cowen began coverage on Tectonic Therapeutic in a research report on Monday, June 24th. They issued a “buy” rating on the stock. Finally, Wells Fargo & Company began coverage on Tectonic Therapeutic in a research report on Thursday. They issued an “overweight” rating and a $55.00 target price on the stock. Four research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Tectonic Therapeutic currently has a consensus rating of “Buy” and a consensus price target of $60.00.

Tectonic Therapeutic Price Performance

The company’s 50 day moving average price is $16.60. The stock has a market capitalization of $817.07 million, a PE ratio of 25.14 and a beta of 2.63.

Institutional Trading of Tectonic Therapeutic

A number of hedge funds have recently made changes to their positions in TECX. Farallon Capital Management LLC acquired a new stake in shares of Tectonic Therapeutic during the second quarter valued at about $7,099,000. Atlas Venture Life Science Advisors LLC acquired a new stake in shares of Tectonic Therapeutic during the second quarter valued at about $6,233,000. Acadian Asset Management LLC acquired a new stake in shares of Tectonic Therapeutic during the second quarter valued at about $1,804,000. Renaissance Technologies LLC acquired a new stake in shares of Tectonic Therapeutic during the second quarter valued at about $1,466,000. Finally, Affinity Asset Advisors LLC acquired a new position in shares of Tectonic Therapeutic in the second quarter worth approximately $961,000. 62.63% of the stock is owned by institutional investors and hedge funds.

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.