Short Interest in Tectonic Therapeutic (NASDAQ:TECX) Expands By 23.7%

Tectonic Therapeutic (NASDAQ:TECX) was the target of a significant growth in short interest in November. As of November 15th, there was short interest totalling 439,300 shares, a growth of 23.7% from the October 31st total of 355,100 shares. Currently, 5.6% of the shares of the stock are short sold. Based on an average daily volume of 122,200 shares, the short-interest ratio is currently 3.6 days.

Tectonic Therapeutic Stock Performance

Shares of TECX stock opened at $49.78 on Monday. Tectonic Therapeutic has a twelve month low of $12.12 and a twelve month high of $51.11. The firm has a market cap of $734.40 million, a PE ratio of -8.45 and a beta of 2.60. The firm’s 50-day moving average price is $38.19.

Insider Transactions at Tectonic Therapeutic

In other news, Director Timothy A. Springer purchased 300,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was 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 of the company’s stock, valued at $137,610,302.76. This trade represents a 7.90 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 9.20% of the company’s stock.

Hedge Funds Weigh In On Tectonic Therapeutic

Several institutional investors and hedge funds have recently bought and sold shares of the company. Nordwand Advisors LLC acquired a new stake in shares of Tectonic Therapeutic during the 3rd quarter worth approximately $45,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Tectonic Therapeutic during the third quarter worth $233,000. Acuta Capital Partners LLC purchased a new stake in Tectonic Therapeutic in the third quarter valued at $415,000. Geode Capital Management LLC lifted its stake in shares of Tectonic Therapeutic by 147.7% in the 3rd quarter. Geode Capital Management LLC now owns 76,879 shares of the company’s stock valued at $2,331,000 after purchasing an additional 45,846 shares during the last quarter. Finally, Walleye Capital LLC grew its holdings in shares of Tectonic Therapeutic by 204.2% during the 3rd quarter. Walleye Capital LLC now owns 72,962 shares of the company’s stock worth $2,211,000 after purchasing an additional 48,978 shares during the period. 62.63% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on TECX shares. Wells Fargo & Company lifted their target price on shares of Tectonic Therapeutic from $55.00 to $79.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 12th. Leerink Partners boosted their price target on shares of Tectonic Therapeutic from $49.00 to $69.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Finally, Raymond James began coverage on shares of Tectonic Therapeutic in a report on Wednesday, November 20th. They issued an “outperform” rating and a $65.00 price objective for the company. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $72.25.

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.