Insider Buying: Tectonic Therapeutic (NASDAQ:TECX) Director Buys 300,000 Shares of Stock

Tectonic Therapeutic (NASDAQ:TECX) Director Timothy A. Springer bought 300,000 shares of Tectonic Therapeutic stock in a transaction dated Tuesday, October 22nd. The stock was acquired at an average price of $33.59 per share, with a total value of $10,077,000.00. Following the acquisition, the director now directly owns 4,096,764 shares of the company’s stock, valued at approximately $137,610,302.76. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Tectonic Therapeutic Trading Up 6.4 %

Shares of NASDAQ:TECX opened at $38.74 on Friday. The stock has a market capitalization of $1.74 billion, a price-to-earnings ratio of 56.14 and a beta of 2.63. Tectonic Therapeutic has a 1 year low of $12.12 and a 1 year high of $39.40. The stock’s fifty day moving average price is $25.20.

Tectonic Therapeutic (NASDAQ:TECX) last issued its 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, sell-side analysts anticipate that Tectonic Therapeutic will post -4.91 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Tectonic Therapeutic

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

Wall Street Analyst Weigh In

Several research analysts recently weighed in on TECX shares. Leerink Partners assumed coverage on Tectonic Therapeutic in a research report on Wednesday, July 24th. They set an “outperform” rating and a $49.00 price target on the stock. Leerink Partnrs upgraded Tectonic Therapeutic to a “strong-buy” rating in a report on Wednesday, July 24th. Finally, Wells Fargo & Company started coverage on shares of Tectonic Therapeutic in a research report on Thursday, August 22nd. They issued an “overweight” rating and a $55.00 price target for the company. Four investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $60.00.

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.