Walleye Capital LLC Buys 48,978 Shares of Tectonic Therapeutic (NASDAQ:TECX)

Walleye Capital LLC grew its stake in Tectonic Therapeutic (NASDAQ:TECX) by 204.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 72,962 shares of the company’s stock after acquiring an additional 48,978 shares during the quarter. Walleye Capital LLC’s holdings in Tectonic Therapeutic were worth $2,211,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of TECX. Affinity Asset Advisors LLC acquired a new stake in Tectonic Therapeutic during the 2nd quarter worth $961,000. Farallon Capital Management LLC bought a new position in shares of Tectonic Therapeutic during the 2nd quarter valued at about $7,099,000. Vida Ventures Advisors LLC acquired a new position in shares of Tectonic Therapeutic in the 3rd quarter valued at approximately $31,169,000. Renaissance Technologies LLC bought a new stake in Tectonic Therapeutic during the 2nd quarter worth approximately $1,466,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Tectonic Therapeutic during the 3rd quarter worth approximately $233,000. 62.63% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on TECX. Leerink Partners upped their price target on shares of Tectonic Therapeutic from $49.00 to $69.00 and gave the company an “outperform” rating in a report on Monday, November 11th. Raymond James initiated coverage on shares of Tectonic Therapeutic in a research note on Wednesday, November 20th. They issued an “outperform” rating and a $65.00 target price for the company. Finally, Wells Fargo & Company boosted their price target on Tectonic Therapeutic from $55.00 to $79.00 and gave the company an “overweight” rating in a report on Tuesday, November 12th. Five 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 stock currently has an average rating of “Buy” and an average target price of $72.25.

Insider Activity

In related news, Director Timothy A. Springer acquired 300,000 shares of the company’s stock in a transaction dated Tuesday, October 22nd. The shares were bought at an average price of $33.59 per share, for a total transaction of $10,077,000.00. Following the purchase, the director now directly owns 4,096,764 shares in the company, valued at approximately $137,610,302.76. This trade represents a 7.90 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 9.20% of the stock is owned by corporate insiders.

Tectonic Therapeutic Stock Up 2.7 %

Tectonic Therapeutic stock opened at $51.70 on Wednesday. The company has a fifty day simple moving average of $38.77. Tectonic Therapeutic has a 1-year low of $12.12 and a 1-year high of $52.15.

Tectonic Therapeutic 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.