Tectonic Therapeutic (NASDAQ:TECX) Hits New 1-Year High – Time to Buy?

Tectonic Therapeutic (NASDAQ:TECX) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $50.53 and last traded at $50.27, with a volume of 11299 shares. The stock had previously closed at $48.10.

Analysts Set New Price Targets

A number of research firms have weighed in on TECX. Raymond James started coverage on shares of Tectonic Therapeutic in a research note on Wednesday, November 20th. They set an “outperform” rating and a $65.00 price target on the stock. Wells Fargo & Company increased their price objective 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 increased 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. 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 data from MarketBeat, Tectonic Therapeutic presently has an average rating of “Buy” and an average price target of $72.25.

Tectonic Therapeutic Trading Down 0.4 %

The firm has a fifty day simple moving average of $36.40.

Insiders Place Their Bets

In other Tectonic Therapeutic news, Director Timothy A. Springer acquired 50,000 shares of Tectonic Therapeutic stock in a transaction dated Thursday, September 26th. The stock was acquired at an average cost of $28.82 per share, for a total transaction of $1,441,000.00. Following the completion of the transaction, the director now owns 3,796,764 shares in the company, valued at approximately $109,422,738.48. This represents a 1.33 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 9.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Tectonic Therapeutic

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Acadian Asset Management LLC acquired a new position in shares of Tectonic Therapeutic in the 2nd quarter valued at $1,804,000. Atlas Venture Life Science Advisors LLC acquired a new stake in shares of Tectonic Therapeutic during the second quarter valued at approximately $6,233,000. Renaissance Technologies LLC purchased a new stake in shares of Tectonic Therapeutic in the 2nd quarter valued at approximately $1,466,000. Farallon Capital Management LLC acquired a new stake in Tectonic Therapeutic during the 2nd quarter valued at $7,099,000. Finally, Affinity Asset Advisors LLC purchased a new stake in shares of Tectonic Therapeutic in the second quarter valued at $961,000. 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.