Verition Fund Management LLC Cuts Stake in Tectonic Therapeutic (NASDAQ:TECX)

Verition Fund Management LLC lowered its position in shares of Tectonic Therapeutic (NASDAQ:TECX) by 18.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 114,778 shares of the company’s stock after selling 25,902 shares during the period. Verition Fund Management LLC owned about 0.78% of Tectonic Therapeutic worth $3,478,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in TECX. Nordwand Advisors LLC purchased a new position in Tectonic Therapeutic in the third quarter valued at about $45,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Tectonic Therapeutic in the third quarter valued at about $233,000. Acuta Capital Partners LLC purchased a new position in Tectonic Therapeutic in the third quarter valued at about $415,000. Affinity Asset Advisors LLC purchased a new position in Tectonic Therapeutic in the second quarter valued at about $961,000. Finally, Renaissance Technologies LLC purchased a new position in Tectonic Therapeutic in the second quarter valued at about $1,466,000. Hedge funds and other institutional investors own 62.63% of the company’s stock.

Tectonic Therapeutic Price Performance

Shares of TECX stock opened at $51.70 on Wednesday. Tectonic Therapeutic has a fifty-two week low of $12.12 and a fifty-two week high of $52.15. The stock has a market capitalization of $762.58 million, a price-to-earnings ratio of -8.78 and a beta of 2.60. The business’s 50-day simple moving average is $38.77.

Insider Transactions at Tectonic Therapeutic

In other news, Director Timothy A. Springer bought 300,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was purchased at an average price of $33.59 per share, with a total value of $10,077,000.00. Following the completion of the acquisition, 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 position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 9.20% of the company’s stock.

Analyst Upgrades and Downgrades

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

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.