Tectonic Therapeutic (NASDAQ:TECX) Shares Down 3.2% – Here’s What Happened

Tectonic Therapeutic (NASDAQ:TECX) shares were down 3.2% during trading on Tuesday . The stock traded as low as $48.50 and last traded at $48.99. Approximately 39,501 shares were traded during trading, a decline of 92% from the average daily volume of 477,400 shares. The stock had previously closed at $50.61.

Analysts Set New Price Targets

Several research analysts have issued reports on TECX shares. Leerink Partners upped their price objective on Tectonic Therapeutic from $49.00 to $69.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Wells Fargo & Company upped their price target on Tectonic Therapeutic from $79.00 to $112.00 and gave the company an “overweight” rating in a research note on Friday, January 31st. Finally, Raymond James initiated coverage on Tectonic Therapeutic in a report on Wednesday, November 20th. They set an “outperform” rating and a $65.00 price objective for the company. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $80.50.

Tectonic Therapeutic Stock Performance

The company has a 50-day moving average price of $45.64 and a 200-day moving average price of $34.19. The firm has a market capitalization of $628.35 million, a P/E ratio of -7.23 and a beta of 2.62.

Tectonic Therapeutic (NASDAQ:TECX) last posted its earnings results on Thursday, November 7th. The company reported ($1.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.84) by ($0.36). Equities analysts predict that Tectonic Therapeutic will post -8.31 EPS for the current year.

Hedge Funds Weigh In On Tectonic Therapeutic

Institutional investors and hedge funds have recently made changes to their positions in the company. Nordwand Advisors LLC acquired a new stake in Tectonic Therapeutic during the 3rd quarter worth $45,000. China Universal Asset Management Co. Ltd. bought a new stake in shares of Tectonic Therapeutic in the fourth quarter worth about $144,000. Charles Schwab Investment Management Inc. acquired a new stake in shares of Tectonic Therapeutic during the fourth quarter worth about $218,000. Raymond James Financial Inc. bought a new position in shares of Tectonic Therapeutic during the 4th quarter valued at about $228,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Tectonic Therapeutic in the 3rd quarter valued at approximately $233,000. Institutional investors and hedge funds 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.