Short Interest in Tectonic Therapeutic (NASDAQ:TECX) Rises By 166.1%

Tectonic Therapeutic (NASDAQ:TECX) was the target of a significant growth in short interest during the month of September. As of September 15th, there was short interest totalling 84,900 shares, a growth of 166.1% from the August 31st total of 31,900 shares. Based on an average daily volume of 47,000 shares, the days-to-cover ratio is currently 1.8 days. Approximately 0.7% of the company’s stock are short sold.

Tectonic Therapeutic Price Performance

NASDAQ TECX opened at $30.60 on Friday. Tectonic Therapeutic has a fifty-two week low of $12.12 and a fifty-two week high of $31.66. The stock has a market cap of $450.74 million, a price-to-earnings ratio of 44.35 and a beta of 2.59. The company’s 50-day moving average is $18.60.

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

Insiders Place Their Bets

In other Tectonic Therapeutic news, Director Timothy A. Springer acquired 50,000 shares of the stock in a transaction dated Thursday, September 26th. The stock was purchased at an average price of $28.82 per share, with a total value of $1,441,000.00. Following the transaction, the director now directly owns 3,796,764 shares of the company’s stock, valued at $109,422,738.48. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 9.20% of the company’s stock.

Institutional Trading of Tectonic Therapeutic

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

Wall Street Analysts Forecast Growth

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

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.