Tectonic Therapeutic (NASDAQ:TECX) Trading Down 8.8% – Should You Sell?

Tectonic Therapeutic (NASDAQ:TECX)’s share price was down 8.8% during mid-day trading on Friday . The company traded as low as $39.88 and last traded at $40.00. Approximately 47,188 shares changed hands during mid-day trading, a decline of 51% from the average daily volume of 96,226 shares. The stock had previously closed at $43.87.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Wells Fargo & Company increased their price target on shares of Tectonic Therapeutic from $55.00 to $79.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 12th. Leerink Partners increased their price objective 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. Finally, Raymond James began coverage on shares of Tectonic Therapeutic in a research report on Wednesday, November 20th. They issued an “outperform” rating and a $65.00 target price for the company. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Tectonic Therapeutic has an average rating of “Buy” and a consensus price target of $72.25.

Tectonic Therapeutic Price Performance

The firm has a market cap of $593.51 million, a price-to-earnings ratio of -6.83 and a beta of 2.63. The firm’s fifty day moving average is $46.58 and its two-hundred day moving average is $30.66.

Insider Activity at Tectonic Therapeutic

In other Tectonic Therapeutic news, Director Timothy A. Springer purchased 300,000 shares of the company’s stock in a transaction on Tuesday, October 22nd. The shares were 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 in the company, 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 the SEC website. Company insiders own 9.20% of the company’s stock.

Hedge Funds Weigh In On Tectonic Therapeutic

Several hedge funds have recently made changes to their positions in the business. Acadian Asset Management LLC acquired a new position in Tectonic Therapeutic in the second quarter worth approximately $1,804,000. Atlas Venture Life Science Advisors LLC acquired a new position in shares of Tectonic Therapeutic in the 2nd quarter worth $6,233,000. Renaissance Technologies LLC acquired a new stake in shares of Tectonic Therapeutic during the second quarter worth $1,466,000. Farallon Capital Management LLC acquired a new stake in shares of Tectonic Therapeutic during the second quarter worth $7,099,000. Finally, Affinity Asset Advisors LLC purchased a new stake in shares of Tectonic Therapeutic during the second quarter valued at $961,000. 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.