Tectonic Therapeutic (NASDAQ:TECX) Shares Down 8.8% – Here’s Why

Shares of Tectonic Therapeutic (NASDAQ:TECX) dropped 8.8% during trading on Friday . The company traded as low as $39.88 and last traded at $40.00. Approximately 47,188 shares were traded 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.

Analysts Set New Price Targets

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

Tectonic Therapeutic Stock Down 8.5 %

The stock’s 50 day moving average price is $46.57 and its two-hundred day moving average price is $30.93. The stock has a market cap of $592.48 million, a price-to-earnings ratio of -6.82 and a beta of 2.63.

Insiders Place Their Bets

In other news, Director Timothy A. Springer acquired 300,000 shares of the company’s stock in a transaction dated Tuesday, October 22nd. The shares were acquired at an average price of $33.59 per share, with a total value of $10,077,000.00. Following the purchase, the director now directly 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 accessible through this hyperlink. 9.20% of the stock is owned by insiders.

Institutional Trading of Tectonic Therapeutic

A number of hedge funds have recently added to or reduced their stakes in TECX. Nordwand Advisors LLC purchased a new position in Tectonic Therapeutic in the third quarter valued at $45,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Tectonic Therapeutic during the 3rd quarter valued at about $233,000. Acuta Capital Partners LLC purchased a new position in shares of Tectonic Therapeutic in the 3rd quarter valued at about $415,000. Affinity Asset Advisors LLC acquired a new position in Tectonic Therapeutic in the 2nd quarter worth about $961,000. Finally, Exome Asset Management LLC boosted its position in Tectonic Therapeutic by 12.2% during the third quarter. Exome Asset Management LLC now owns 36,344 shares of the company’s stock worth $1,101,000 after purchasing an additional 3,955 shares in the last quarter. 62.63% of the stock is owned by hedge funds and other institutional investors.

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.