Tectonic Therapeutic (NASDAQ:TECX) Sets New 52-Week High – Time to Buy?

Tectonic Therapeutic (NASDAQ:TECX) reached a new 52-week high during trading on Tuesday . The company traded as high as $34.70 and last traded at $34.40, with a volume of 29912 shares. The stock had previously closed at $33.75.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on TECX shares. Piper Sandler initiated coverage on shares of Tectonic Therapeutic in a research note on Wednesday, June 26th. They issued an “overweight” rating and a $76.00 price target on the stock. Leerink Partners assumed coverage on shares of Tectonic Therapeutic in a report on Wednesday, July 24th. They issued an “outperform” rating and a $49.00 price objective for the company. Wells Fargo & Company began coverage on Tectonic Therapeutic in a research note on Thursday, August 22nd. They set an “overweight” rating and a $55.00 target price on the stock. Leerink Partnrs upgraded Tectonic Therapeutic to a “strong-buy” rating in a research note on Wednesday, July 24th. Finally, TD Cowen began coverage on Tectonic Therapeutic in a research report on Monday, June 24th. They set a “buy” rating on the stock. Four analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $60.00.

Tectonic Therapeutic Stock Performance

The stock’s 50-day simple moving average is $22.38. The stock has a market cap of $1.61 billion, a P/E ratio of 51.30 and a beta of 2.63.

Tectonic Therapeutic (NASDAQ:TECX) last announced its earnings results on Wednesday, August 14th. The company reported ($3.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.96) by ($1.85). Analysts forecast that Tectonic Therapeutic will post -4.91 EPS for the current fiscal year.

Insider Activity

In related news, Director Timothy A. Springer bought 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 26th. The shares were bought at an average cost of $28.82 per share, with a total value of $1,441,000.00. Following the acquisition, the director now owns 3,796,764 shares in the company, valued at $109,422,738.48. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 9.20% of the company’s stock.

Institutional Trading of Tectonic Therapeutic

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vida Ventures Advisors LLC purchased a new position in shares of Tectonic Therapeutic during the 3rd quarter valued at about $31,169,000. Affinity Asset Advisors LLC bought a new position in shares of Tectonic Therapeutic in the second quarter worth approximately $961,000. Farallon Capital Management LLC bought a new stake in shares of Tectonic Therapeutic during the 2nd quarter valued at $7,099,000. Renaissance Technologies LLC purchased a new position in shares of Tectonic Therapeutic during the 2nd quarter valued at $1,466,000. Finally, Atlas Venture Life Science Advisors LLC bought a new position in Tectonic Therapeutic in the 2nd quarter worth $6,233,000. Hedge funds and other institutional investors own 62.63% of the company’s stock.

Tectonic Therapeutic Company Profile

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.