Short Interest in Tectonic Therapeutic (NASDAQ:TECX) Expands By 50.4%

Tectonic Therapeutic (NASDAQ:TECX) was the target of a significant growth in short interest in the month of August. As of August 15th, there was short interest totalling 20,900 shares, a growth of 50.4% from the July 31st total of 13,900 shares. Currently, 0.2% of the shares of the company are sold short. Based on an average daily trading volume, of 26,700 shares, the short-interest ratio is presently 0.8 days.

Tectonic Therapeutic Stock Performance

Tectonic Therapeutic stock opened at $19.20 on Friday. The business’s 50-day moving average is $16.86. The firm has a market capitalization of $861.96 million, a price-to-earnings ratio of 27.83 and a beta of 2.63. Tectonic Therapeutic has a 52 week low of $12.12 and a 52 week high of $19.80.

Institutional Trading of Tectonic Therapeutic

Several institutional investors have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC acquired a new position in Tectonic Therapeutic during the second quarter worth $1,804,000. Atlas Venture Life Science Advisors LLC acquired a new position in Tectonic Therapeutic during the 2nd quarter worth about $6,233,000. Renaissance Technologies LLC purchased a new position in Tectonic Therapeutic during the 2nd quarter valued at about $1,466,000. Farallon Capital Management LLC acquired a new position in Tectonic Therapeutic in the 2nd quarter valued at about $7,099,000. Finally, Affinity Asset Advisors LLC acquired a new position in Tectonic Therapeutic in the 2nd quarter valued at about $961,000. Institutional investors and hedge funds own 62.63% of the company’s stock.

Analyst Ratings Changes

TECX has been the subject of a number of research reports. Leerink Partners began coverage on Tectonic Therapeutic in a research report on Wednesday, July 24th. They set an “outperform” rating and a $49.00 price target for the company. Piper Sandler began coverage on Tectonic Therapeutic in a report on Wednesday, June 26th. They set an “overweight” rating and a $76.00 target price for the company. TD Cowen began coverage on shares of Tectonic Therapeutic in a report on Monday, June 24th. They issued a “buy” rating on the stock. Leerink Partnrs upgraded shares of Tectonic Therapeutic to a “strong-buy” rating in a research note on Wednesday, July 24th. Finally, Wells Fargo & Company assumed coverage on shares of Tectonic Therapeutic in a research note on Thursday, August 22nd. They issued an “overweight” rating and a $55.00 price objective on the stock. Four analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $60.00.

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.