Tectonic Therapeutic (NASDAQ:TECX) Stock Price Down 4% – What’s Next?

Tectonic Therapeutic (NASDAQ:TECX) shares fell 4% during trading on Wednesday . The company traded as low as $48.64 and last traded at $49.62. 44,969 shares changed hands during mid-day trading, a decline of 15% from the average session volume of 52,618 shares. The stock had previously closed at $51.70.

Wall Street Analysts Forecast Growth

TECX has been the topic of a number of recent research reports. Raymond James assumed coverage on Tectonic Therapeutic in a research note on Wednesday, November 20th. They set an “outperform” rating and a $65.00 price objective on the stock. Wells Fargo & Company lifted their target price 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. Finally, Leerink Partners lifted their target price on shares of Tectonic Therapeutic from $49.00 to $69.00 and gave the company an “outperform” rating in a research note on Monday, November 11th. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $72.25.

Tectonic Therapeutic Stock Down 0.8 %

The stock has a market cap of $756.38 million, a P/E ratio of -8.71 and a beta of 2.60. The business’s fifty day moving average price is $39.32.

Insiders Place Their Bets

In related news, Director Timothy A. Springer purchased 50,000 shares of the business’s stock in a transaction on Thursday, September 26th. The shares were acquired at an average price of $28.82 per share, for a total transaction of $1,441,000.00. Following the purchase, the director now owns 3,796,764 shares of the company’s stock, valued at $109,422,738.48. This trade represents a 1.33 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 9.20% of the company’s stock.

Institutional Trading of Tectonic Therapeutic

Hedge funds and other institutional investors have recently made changes to their positions in the business. Geode Capital Management LLC grew its position in Tectonic Therapeutic by 147.7% during the third quarter. Geode Capital Management LLC now owns 76,879 shares of the company’s stock valued at $2,331,000 after buying an additional 45,846 shares during the period. Ikarian Capital LLC lifted its holdings in Tectonic Therapeutic by 325.1% during 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 in the last quarter. Walleye Capital LLC lifted its holdings in Tectonic Therapeutic by 204.2% during the third quarter. Walleye Capital LLC now owns 72,962 shares of the company’s stock valued at $2,211,000 after purchasing an additional 48,978 shares in the last quarter. Acuta Capital Partners LLC purchased a new position in Tectonic Therapeutic during the third quarter valued at $415,000. Finally, FMR LLC lifted 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 valued at $36,970,000 after purchasing an additional 142,600 shares in the last quarter. Institutional investors and hedge funds own 62.63% of the company’s stock.

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.