Tectonic Therapeutic (NASDAQ:TECX) Sets New 12-Month High – Still a Buy?

Tectonic Therapeutic (NASDAQ:TECX)’s stock price hit a new 52-week high during trading on Thursday . The stock traded as high as $55.80 and last traded at $50.34, with a volume of 2556003 shares changing hands. The stock had previously closed at $25.72.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on TECX. Wells Fargo & Company upped their price target on shares of Tectonic Therapeutic from $55.00 to $79.00 and gave the company an “overweight” rating in a report on Tuesday, November 12th. Raymond James started coverage on shares of Tectonic Therapeutic in a report on Wednesday, November 20th. They set an “outperform” rating and a $65.00 target price for the company. Finally, Leerink Partners increased their target price on shares of Tectonic Therapeutic from $49.00 to $69.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Tectonic Therapeutic currently has an average rating of “Buy” and an average target price of $72.25.

Tectonic Therapeutic Price Performance

The firm has a market capitalization of $776.22 million, a P/E ratio of -8.79 and a beta of 2.63. The business’s 50-day moving average is $45.32 and its 200 day moving average is $33.00.

Tectonic Therapeutic (NASDAQ:TECX) last posted its earnings results on Thursday, November 7th. The company reported ($1.20) EPS for the quarter, missing the consensus estimate of ($0.84) by ($0.36). Analysts anticipate that Tectonic Therapeutic will post -8.31 EPS for the current fiscal year.

Institutional Trading of Tectonic Therapeutic

Hedge funds have recently modified their holdings of the stock. 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 buying an additional 142,600 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Tectonic Therapeutic by 147.7% during the third quarter. Geode Capital Management LLC now owns 76,879 shares of the company’s stock valued at $2,331,000 after buying an additional 45,846 shares during the period. Vida Ventures Advisors LLC bought a new stake in shares of Tectonic Therapeutic during the third quarter valued at about $31,169,000. Renaissance Technologies LLC bought a new stake in shares of Tectonic Therapeutic during the second quarter valued at about $1,466,000. Finally, Walleye Capital LLC increased its position in shares of Tectonic Therapeutic by 204.2% in the third 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. 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.