Tectonic Therapeutic (NASDAQ:TECX) Shares Gap Down to $18.65

Tectonic Therapeutic (NASDAQ:TECX)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $18.65, but opened at $18.25. Tectonic Therapeutic shares last traded at $18.25, with a volume of 441 shares changing hands.

Wall Street Analysts Forecast Growth

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

Tectonic Therapeutic Trading Up 4.2 %

The firm has a market cap of $888.90 million, a P/E ratio of 28.70 and a beta of 2.59. The stock’s fifty day moving average price is $17.48.

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

Institutional Trading of Tectonic Therapeutic

Hedge funds have recently made changes to their positions in the company. Acadian Asset Management LLC purchased a new stake in shares of Tectonic Therapeutic in the 2nd quarter valued at approximately $1,804,000. Atlas Venture Life Science Advisors LLC purchased a new position in shares of Tectonic Therapeutic during the 2nd quarter worth approximately $6,233,000. Renaissance Technologies LLC purchased a new position in shares of Tectonic Therapeutic during the 2nd quarter worth approximately $1,466,000. Affinity Asset Advisors LLC purchased a new position in shares of Tectonic Therapeutic during the 2nd quarter worth approximately $961,000. Finally, Farallon Capital Management LLC purchased a new position in shares of Tectonic Therapeutic during the 2nd quarter worth approximately $7,099,000. 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.