Tectonic Therapeutic (NASDAQ:TECX) Shares Gap Up to $17.50

Tectonic Therapeutic (NASDAQ:TECX)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $17.50, but opened at $18.00. Tectonic Therapeutic shares last traded at $18.00, with a volume of 414 shares traded.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. Wells Fargo & Company started coverage on shares of Tectonic Therapeutic in a report on Thursday, August 22nd. They issued an “overweight” rating and a $55.00 target price on the stock. TD Cowen started coverage on Tectonic Therapeutic in a research report on Monday, June 24th. They issued a “buy” rating on the stock. Leerink Partnrs upgraded Tectonic Therapeutic to a “strong-buy” rating in a report on Wednesday, July 24th. Leerink Partners assumed coverage on shares of Tectonic Therapeutic in a report on Wednesday, July 24th. They issued an “outperform” rating and a $49.00 price target on the stock. Finally, Piper Sandler initiated coverage on shares of Tectonic Therapeutic in a report on Wednesday, June 26th. They issued an “overweight” rating and a $76.00 price objective for the company. Four equities 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 stock presently has an average rating of “Buy” and a consensus target price of $60.00.

Tectonic Therapeutic Stock Down 0.1 %

The firm’s fifty day simple moving average is $17.23. The firm has a market capitalization of $785.20 million, a PE ratio of 25.36 and a beta of 2.59.

Tectonic Therapeutic (NASDAQ:TECX) last announced its quarterly earnings results on Wednesday, August 14th. The company reported ($3.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.96) by ($1.85). As a group, research analysts anticipate that Tectonic Therapeutic will post -4.91 earnings per share for the current year.

Hedge Funds Weigh In On Tectonic Therapeutic

Several hedge funds and other institutional investors have recently modified their holdings of the company. Affinity Asset Advisors LLC bought a new position in Tectonic Therapeutic in the second quarter valued at about $961,000. Renaissance Technologies LLC bought a new position in Tectonic Therapeutic in the second quarter worth approximately $1,466,000. Acadian Asset Management LLC purchased a new position in shares of Tectonic Therapeutic during the 2nd quarter worth $1,804,000. Atlas Venture Life Science Advisors LLC purchased a new position in shares of Tectonic Therapeutic during the 2nd quarter worth $6,233,000. Finally, Farallon Capital Management LLC bought a new stake in shares of Tectonic Therapeutic during the 2nd quarter valued at $7,099,000. 62.63% of the stock is owned by institutional investors.

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.