Tectonic Therapeutic (NASDAQ:TECX) Shares Down 13.3% – Here’s What Happened

Tectonic Therapeutic (NASDAQ:TECX) was down 13.3% on Tuesday . The company traded as low as $37.67 and last traded at $35.69. Approximately 14,718 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 139,525 shares. The stock had previously closed at $41.18.

Analyst Ratings Changes

Several equities analysts have recently issued reports on TECX shares. Raymond James assumed coverage on shares of Tectonic Therapeutic in a research note on Wednesday, November 20th. They issued an “outperform” rating and a $65.00 price objective on the stock. Wells Fargo & Company increased their price objective on Tectonic Therapeutic from $55.00 to $79.00 and gave the company an “overweight” rating in a research report on Tuesday, November 12th. Finally, Leerink Partners raised their price objective on Tectonic Therapeutic from $49.00 to $69.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $72.25.

Tectonic Therapeutic Trading Down 42.3 %

The company has a market cap of $350.45 million, a price-to-earnings ratio of -3.80 and a beta of 2.63. The business has a fifty day moving average price of $46.01 and a two-hundred day moving average price of $33.00.

Tectonic Therapeutic (NASDAQ:TECX) last released its quarterly earnings data on Thursday, November 7th. The company reported ($1.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.36). On average, analysts anticipate that Tectonic Therapeutic will post -8.31 EPS for the current year.

Hedge Funds Weigh In On Tectonic Therapeutic

Several hedge funds have recently bought and sold shares of TECX. Renaissance Technologies LLC bought a new stake in shares of Tectonic Therapeutic during the 2nd quarter worth about $1,466,000. Vida Ventures Advisors LLC bought a new stake in Tectonic Therapeutic during the third quarter worth approximately $31,169,000. Nordwand Advisors LLC acquired a new position in Tectonic Therapeutic during the third quarter valued at approximately $45,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Tectonic Therapeutic in the third quarter valued at approximately $233,000. Finally, FMR LLC lifted its stake in shares of Tectonic Therapeutic by 13.2% in the third 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. 62.63% of the stock is owned by institutional investors and hedge funds.

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.