Short Interest in Tectonic Therapeutic (NASDAQ:TECX) Rises By 23.7%

Tectonic Therapeutic (NASDAQ:TECX) was the recipient of a significant growth in short interest in the month of November. As of November 15th, there was short interest totalling 439,300 shares, a growth of 23.7% from the October 31st total of 355,100 shares. Based on an average trading volume of 122,200 shares, the short-interest ratio is presently 3.6 days. Currently, 5.6% of the shares of the company are sold short.

Tectonic Therapeutic Stock Performance

TECX stock traded up $0.62 during trading on Friday, hitting $49.78. 50,547 shares of the stock traded hands, compared to its average volume of 52,350. The stock has a market cap of $734.26 million, a PE ratio of -8.45 and a beta of 2.60. Tectonic Therapeutic has a one year low of $12.12 and a one year high of $51.11. The stock has a 50 day moving average of $38.19.

Insider Activity at Tectonic Therapeutic

In other news, Director Timothy A. Springer bought 50,000 shares of Tectonic Therapeutic stock in a transaction that occurred on Thursday, September 26th. The stock was purchased at an average cost of $28.82 per share, with a total value of $1,441,000.00. Following the completion of the transaction, the director now directly owns 3,796,764 shares in the company, valued at $109,422,738.48. This trade represents a 1.33 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 9.20% of the company’s stock.

Institutional Trading of Tectonic Therapeutic

Hedge funds have recently modified their holdings of the company. Vida Ventures Advisors LLC bought a new stake in Tectonic Therapeutic during the 3rd quarter worth approximately $31,169,000. Farallon Capital Management LLC acquired a new position in Tectonic Therapeutic in the second quarter worth $7,099,000. Atlas Venture Life Science Advisors LLC bought a new stake in shares of Tectonic Therapeutic during the second quarter worth $6,233,000. Ikarian Capital LLC increased its holdings in Tectonic Therapeutic by 325.1% in the third quarter. Ikarian Capital LLC now owns 267,145 shares of the company’s stock valued at $8,094,000 after purchasing an additional 204,309 shares during the last quarter. Finally, FMR LLC boosted its holdings in Tectonic Therapeutic by 13.2% during the third quarter. FMR LLC now owns 1,220,138 shares of the company’s stock worth $36,970,000 after buying an additional 142,600 shares during the last quarter. Institutional investors and hedge funds own 62.63% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on TECX. Raymond James started coverage on shares of Tectonic Therapeutic in a research report on Wednesday, November 20th. They set an “outperform” rating and a $65.00 target price on the stock. Wells Fargo & Company lifted their price objective on Tectonic Therapeutic from $55.00 to $79.00 and gave the company an “overweight” rating in a report on Tuesday, November 12th. Finally, Leerink Partners increased their target price on Tectonic Therapeutic from $49.00 to $69.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Tectonic Therapeutic presently has a consensus rating of “Buy” and an average target price of $72.25.

About Tectonic Therapeutic

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.