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

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

Wall Street Analysts Forecast Growth

TECX has been the topic of several research reports. Leerink Partners raised their price target on shares of Tectonic Therapeutic from $49.00 to $69.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. 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 target price on the stock. Finally, Wells Fargo & Company lifted their price target on shares of Tectonic Therapeutic from $55.00 to $79.00 and gave the company an “overweight” rating in a research report on Tuesday, November 12th. Five 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 data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $72.25.

Tectonic Therapeutic Trading 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 stock has a 50-day simple moving average of $39.32.

Insiders Place Their Bets

In other Tectonic Therapeutic news, Director Timothy A. Springer purchased 300,000 shares of Tectonic Therapeutic stock in a transaction on Tuesday, October 22nd. The shares were purchased at an average cost of $33.59 per share, with a total value 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. This represents a 7.90 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 9.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Tectonic Therapeutic

Hedge funds have recently added to or reduced their stakes in the business. Affinity Asset Advisors LLC acquired a new stake in Tectonic Therapeutic in the second quarter worth about $961,000. Farallon Capital Management LLC acquired a new position in shares of Tectonic Therapeutic in the 2nd quarter valued at about $7,099,000. Vida Ventures Advisors LLC bought a new stake in shares of Tectonic Therapeutic in the 3rd quarter valued at approximately $31,169,000. Renaissance Technologies LLC bought a new stake in Tectonic Therapeutic during the second quarter worth approximately $1,466,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in Tectonic Therapeutic during the third quarter worth approximately $233,000. Institutional investors and hedge funds own 62.63% of the company’s stock.

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.