Tectonic Therapeutic (NASDAQ:TECX) Trading Up 8.2% – Time to Buy?

Tectonic Therapeutic (NASDAQ:TECX) rose 8.2% during mid-day trading on Friday . The stock traded as high as $44.18 and last traded at $45.64. Approximately 136,546 shares were traded during mid-day trading, an increase of 11% from the average daily volume of 123,016 shares. The stock had previously closed at $42.20.

Analyst Ratings Changes

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

Tectonic Therapeutic Price Performance

The stock has a market capitalization of $689.42 million, a PE ratio of -7.94 and a beta of 2.63. The business has a 50 day moving average price of $45.97 and a 200 day moving average price of $32.70.

Tectonic Therapeutic (NASDAQ:TECX) last posted its earnings results on Thursday, November 7th. The company reported ($1.20) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.36). On average, equities analysts expect that Tectonic Therapeutic will post -8.31 earnings per share for the current year.

Hedge Funds Weigh In On Tectonic Therapeutic

Institutional investors have recently added to or reduced their stakes in the company. FMR LLC boosted its holdings in shares of Tectonic Therapeutic by 13.2% in the 3rd quarter. FMR LLC now owns 1,220,138 shares of the company’s stock worth $36,970,000 after purchasing an additional 142,600 shares during the period. Geode Capital Management LLC raised its position in Tectonic Therapeutic by 147.7% during the 3rd quarter. Geode Capital Management LLC now owns 76,879 shares of the company’s stock valued at $2,331,000 after purchasing an additional 45,846 shares in the last quarter. Vida Ventures Advisors LLC purchased a new stake in shares of Tectonic Therapeutic during the 3rd quarter worth $31,169,000. Renaissance Technologies LLC purchased a new stake in shares of Tectonic Therapeutic during the 2nd quarter worth $1,466,000. Finally, Walleye Capital LLC lifted its stake in shares of Tectonic Therapeutic by 204.2% during the 3rd quarter. Walleye Capital LLC now owns 72,962 shares of the company’s stock worth $2,211,000 after purchasing an additional 48,978 shares during the last quarter. Hedge funds and other institutional investors 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.