Tectonic Therapeutic (NASDAQ:TECX) is seeing strong trading volume

Shares of Tectonic Therapeutic (NASDAQ:TECX – Get Free Report ) saw strong trading volume on Friday. 29,747 shares were traded during trading, a 16% increase from the previous session’s volume of 25,613 shares. The stock last traded at $20.10 and previously closed at $19.80.

Analysts on Wall Street are forecasting an increase

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

Get the latest report on tectonic Therapeutic

Tectonic therapeutic stock performance

The company has a market cap of $897.88 million, a price-to-earnings ratio of 28.55 and a beta of 2.59. The stock’s 50-day moving average price is $17.48.

Tectonic Therapeutic (NASDAQ:TECX – Get Your Free Report ) last announced its quarterly earnings data 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). sell-side analysts forecast that Tectonic Therapeutic will post -4.91 EPS for the current fiscal year.

Institutional investors are stepping in on tectonic therapy

Several hedge funds and other institutional investors have recently made changes to their positions in TECX. Affinity Asset Advisors LLC purchased a new position in Tectonic Therapeutic in the second quarter valued at about $961,000. Farallon Capital Management LLC purchased a new stake in Tectonic Therapeutic in the second quarter valued at about $7,099,000. Renaissance Technologies LLC acquired a new stake in Tectonic Therapeutic in the second quarter valued at approximately $1,466,000. Atlas Venture Life Science Advisors LLC bought a new position in shares of Tectonic Therapeutic in the second quarter valued at $6,233,000. Finally, Acadian Asset Management LLC bought a new position in shares of Tectonic Therapeutic in the second quarter worth $1,804,000. 62.63% of shares are held by institutional investors.

About Tectonic Therapeutic

(Get a free report)

Avrobio, Inc is a bio-technology company. It develops step-change cell and gene therapies for the treatment of cancer and rare diseases. The company operates primarily in the United States and Canada. Avrobio, Inc is based in MA, United States.

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