Tectonic Therapeutic (NASDAQ:TECX) Hits New 52-Week High on Analyst Upgrade

Tectonic Therapeutic (NASDAQ:TECX) hit a new 52-week high during trading on Wednesday after Wells Fargo & Company raised their price target on the stock from $55.00 to $79.00. Wells Fargo & Company currently has an overweight rating on the stock. Tectonic Therapeutic traded as high as $49.95 and last traded at $49.95, with a volume of 640 shares traded. The stock had previously closed at $47.75.

Other equities analysts have also issued research reports about the stock. Leerink Partners increased their price target on shares of Tectonic Therapeutic from $49.00 to $69.00 and gave the stock an “outperform” rating in a report on Monday. Leerink Partnrs raised shares of Tectonic Therapeutic to a “strong-buy” rating in a research note on Wednesday, July 24th. Four analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $74.67.

Insider Buying and Selling at Tectonic Therapeutic

In other news, Director Timothy A. Springer bought 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The shares were bought at an average cost of $28.82 per share, with a total value 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. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. In other Tectonic Therapeutic news, Director Timothy A. Springer purchased 50,000 shares of the company’s stock in a transaction that occurred on Thursday, September 26th. The stock was bought at an average price of $28.82 per share, with a total value of $1,441,000.00. Following the completion of the purchase, the director now directly owns 3,796,764 shares of the company’s stock, valued at $109,422,738.48. The trade was a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Timothy A. Springer acquired 300,000 shares of the business’s stock in a transaction on 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 completion of the transaction, the director now 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 disclosure for this purchase can be found here. Corporate insiders own 9.20% of the company’s stock.

Institutional Investors Weigh In On Tectonic Therapeutic

A number of hedge funds and other institutional investors have recently bought and sold shares of TECX. Nordwand Advisors LLC bought a new stake in shares of Tectonic Therapeutic in the 3rd quarter worth approximately $45,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Tectonic Therapeutic in the third quarter worth $233,000. Affinity Asset Advisors LLC purchased a new stake in shares of Tectonic Therapeutic in the second quarter worth $961,000. Renaissance Technologies LLC purchased a new position in shares of Tectonic Therapeutic in the 2nd quarter worth about $1,466,000. Finally, Acadian Asset Management LLC purchased a new position in shares of Tectonic Therapeutic in the 2nd quarter worth about $1,804,000. Hedge funds and other institutional investors own 62.63% of the company’s stock.

Tectonic Therapeutic Stock Performance

The stock has a 50 day moving average price of $31.16.

Tectonic Therapeutic (NASDAQ:TECX) last announced its quarterly earnings results 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). On average, equities analysts expect that Tectonic Therapeutic will post -5.38 earnings per share for the current year.

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.