Raymond James Begins Coverage on Tectonic Therapeutic (NASDAQ:TECX)

Raymond James began coverage on shares of Tectonic Therapeutic (NASDAQ:TECX) in a research note issued to investors on Wednesday, MarketBeat reports. The brokerage issued an outperform rating and a $65.00 target price on the stock.

Other analysts also recently issued 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, November 11th. Leerink Partnrs raised shares of Tectonic Therapeutic to a “strong-buy” rating in a research note on Wednesday, July 24th. Finally, Wells Fargo & Company lifted their price target on Tectonic Therapeutic from $55.00 to $79.00 and gave the company an “overweight” rating in a research note on Tuesday, November 12th. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $72.25.

Tectonic Therapeutic Price Performance

Shares of NASDAQ:TECX opened at $48.10 on Wednesday. Tectonic Therapeutic has a 12-month low of $12.12 and a 12-month high of $48.63. The firm has a 50 day moving average of $35.23. The firm has a market capitalization of $709.48 million, a P/E ratio of -8.17 and a beta of 2.60.

Insider Buying and Selling at Tectonic Therapeutic

In other news, Director Timothy A. Springer bought 300,000 shares of Tectonic Therapeutic stock in a transaction on 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 completion of the acquisition, the director now directly owns 4,096,764 shares of the company’s stock, valued at $137,610,302.76. The trade was a 7.90 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 9.20% of the company’s stock.

Institutional Trading of Tectonic Therapeutic

A number of institutional investors have recently made changes to their positions in TECX. Vida Ventures Advisors LLC acquired a new position in Tectonic Therapeutic in the 3rd quarter valued at $31,169,000. Farallon Capital Management LLC purchased a new stake in shares of Tectonic Therapeutic during the second quarter worth $7,099,000. Atlas Venture Life Science Advisors LLC purchased a new stake in shares of Tectonic Therapeutic during the second quarter worth $6,233,000. Ikarian Capital LLC raised its position in shares of Tectonic Therapeutic by 325.1% in the third quarter. Ikarian Capital LLC now owns 267,145 shares of the company’s stock valued at $8,094,000 after buying an additional 204,309 shares during the last quarter. Finally, FMR LLC lifted its stake in shares of Tectonic Therapeutic by 13.2% in the third quarter. FMR LLC now owns 1,220,138 shares of the company’s stock worth $36,970,000 after buying an additional 142,600 shares in the last quarter. 62.63% of the stock is owned by institutional investors and hedge funds.

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.