Tectonic Therapeutic (NASDAQ:TECX) Reaches New 12-Month High After Insider Buying Activity

Tectonic Therapeutic (NASDAQ:TECX) shares hit a new 52-week high during trading on Friday after an insider bought additional shares in the company. The stock traded as high as $38.10 and last traded at $37.61, with a volume of 7273 shares changing hands. The stock had previously closed at $36.40.

Specifically, Director Timothy A. Springer bought 300,000 shares of the stock in a transaction dated Tuesday, October 22nd. The shares were purchased 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 owns 4,096,764 shares of the company’s stock, valued at $137,610,302.76. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on TECX shares. Wells Fargo & Company initiated coverage on shares of Tectonic Therapeutic in a report on Thursday, August 22nd. They issued an “overweight” rating and a $55.00 price target on the stock. 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 objective for the company. Finally, Leerink Partnrs raised Tectonic Therapeutic to a “strong-buy” rating in a report on Wednesday, July 24th. Four research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Tectonic Therapeutic presently has a consensus rating of “Buy” and a consensus target price of $60.00.

Tectonic Therapeutic Stock Performance

The firm has a market cap of $1.74 billion, a P/E ratio of 56.14 and a beta of 2.63. The stock has a 50-day simple moving average of $25.20.

Tectonic Therapeutic (NASDAQ:TECX) last issued its quarterly earnings data on Wednesday, August 14th. The company reported ($3.81) EPS for the quarter, missing analysts’ consensus estimates of ($1.96) by ($1.85). On average, analysts forecast that Tectonic Therapeutic will post -4.91 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vida Ventures Advisors LLC purchased a new stake in Tectonic Therapeutic during the 3rd quarter valued at $31,169,000. Affinity Asset Advisors LLC purchased a new position in Tectonic Therapeutic during the second quarter worth $961,000. Farallon Capital Management LLC bought a new position in Tectonic Therapeutic during the second quarter valued at $7,099,000. Renaissance Technologies LLC purchased a new stake in shares of Tectonic Therapeutic in the second quarter valued at $1,466,000. Finally, Atlas Venture Life Science Advisors LLC bought a new stake in shares of Tectonic Therapeutic in the 2nd quarter worth about $6,233,000. Hedge funds and other 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.