Tectonic Therapeutic (NASDAQ:TECX) Sees Large Volume Increase – Here’s What Happened

Tectonic Therapeutic (NASDAQ:TECX) saw unusually-high trading volume on Wednesday . Approximately 135,323 shares traded hands during mid-day trading, an increase of 207% from the previous session’s volume of 44,133 shares.The stock last traded at $41.03 and had previously closed at $40.98.

Wall Street Analyst Weigh In

TECX has been the topic of several research reports. Leerink Partners initiated coverage on shares of Tectonic Therapeutic in a research note on Wednesday, July 24th. They issued an “outperform” rating and a $49.00 price target on the stock. Leerink Partnrs raised shares of Tectonic Therapeutic to a “strong-buy” rating in a research note on Wednesday, July 24th. Finally, Wells Fargo & Company initiated coverage on shares of Tectonic Therapeutic in a research note on Thursday, August 22nd. They issued an “overweight” rating and a $55.00 price target on the stock. Four investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Tectonic Therapeutic has a consensus rating of “Buy” and an average price target of $60.00.

Tectonic Therapeutic Stock Down 0.4 %

The stock’s fifty day moving average price is $27.11. The stock has a market cap of $602.16 million, a P/E ratio of -7.88 and a beta of 2.63.

Tectonic Therapeutic (NASDAQ:TECX) last issued its quarterly earnings data on Wednesday, August 14th. The company reported ($3.81) EPS for the quarter, missing the consensus estimate of ($1.96) by ($1.85). As a group, equities analysts anticipate that Tectonic Therapeutic will post -4.91 earnings per share for the current fiscal year.

Insider Transactions at Tectonic Therapeutic

In other Tectonic Therapeutic news, Director Timothy A. Springer bought 300,000 shares of Tectonic Therapeutic stock in a transaction on Tuesday, October 22nd. The shares were bought at an average cost of $33.59 per share, for a total transaction of $10,077,000.00. Following the acquisition, the director now directly owns 4,096,764 shares in the company, valued at $137,610,302.76. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Timothy A. Springer acquired 50,000 shares of the company’s stock in a transaction 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 transaction, the director now owns 3,796,764 shares in the company, valued at approximately $109,422,738.48. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Timothy A. Springer bought 300,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was bought 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 directly owns 4,096,764 shares in the company, valued at approximately $137,610,302.76. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 9.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Affinity Asset Advisors LLC purchased a new position in shares of Tectonic Therapeutic in the 2nd quarter valued at $961,000. Farallon Capital Management LLC purchased a new position in shares of Tectonic Therapeutic in the 2nd quarter valued at $7,099,000. Vida Ventures Advisors LLC purchased a new position in shares of Tectonic Therapeutic in the 3rd quarter valued at $31,169,000. Renaissance Technologies LLC purchased a new position in shares of Tectonic Therapeutic in the 2nd quarter valued at $1,466,000. Finally, Acadian Asset Management LLC purchased a new position in shares of Tectonic Therapeutic in the 2nd quarter valued at $1,804,000. 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.