Tectonic Therapeutic (NASDAQ:TECX) Reaches New 52-Week High – What’s Next?

Tectonic Therapeutic (NASDAQ:TECX)’s share price hit a new 52-week high on Friday . The company traded as high as $31.70 and last traded at $31.68, with a volume of 59266 shares. The stock had previously closed at $29.68.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on TECX shares. TD Cowen began coverage on Tectonic Therapeutic in a report on Monday, June 24th. They issued a “buy” rating on the stock. Wells Fargo & Company began coverage on Tectonic Therapeutic in a research note on Thursday, August 22nd. They issued an “overweight” rating and a $55.00 target price on the stock. Leerink Partners started coverage on shares of 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 shares of Tectonic Therapeutic in a report on Wednesday, June 26th. They issued an “overweight” rating and a $76.00 price objective on the stock. Finally, 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 issued a strong buy rating to the company’s stock. According to data from MarketBeat, Tectonic Therapeutic currently has a consensus rating of “Buy” and an average target price of $60.00.

Tectonic Therapeutic Trading Up 11.3 %

The business’s 50 day simple moving average is $19.93. The firm has a market capitalization of $1.48 billion, a PE ratio of 47.86 and a beta of 2.63.

Tectonic Therapeutic (NASDAQ:TECX) last posted its quarterly earnings data 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). As a group, equities research analysts anticipate that Tectonic Therapeutic will post -4.91 EPS for the current fiscal year.

Insider Transactions at Tectonic Therapeutic

In related news, Director Timothy A. Springer acquired 50,000 shares of the stock in a transaction that occurred on Thursday, September 26th. The shares were acquired at an average price of $28.82 per share, for a total transaction 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 ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 9.20% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Acadian Asset Management LLC bought a new stake in Tectonic Therapeutic in the second quarter worth about $1,804,000. Atlas Venture Life Science Advisors LLC acquired a new position in shares of Tectonic Therapeutic in the 2nd quarter worth approximately $6,233,000. Renaissance Technologies LLC bought a new stake in shares of Tectonic Therapeutic in the 2nd quarter worth approximately $1,466,000. Farallon Capital Management LLC acquired a new stake in Tectonic Therapeutic during the second quarter valued at approximately $7,099,000. Finally, Affinity Asset Advisors LLC acquired a new stake in Tectonic Therapeutic during the second quarter valued at approximately $961,000. Institutional investors own 62.63% of the company’s stock.

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.