Tectonic Therapeutic (NASDAQ:TECX) Reaches New 1-Year High – Here’s Why

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

Analyst Ratings Changes

Several analysts have commented on the stock. Leerink Partners lifted their target price on shares of Tectonic Therapeutic from $49.00 to $69.00 and gave the stock an “outperform” rating in a research note on Monday, November 11th. Raymond James started coverage on shares of Tectonic Therapeutic in a report on Wednesday, November 20th. They issued an “outperform” rating and a $65.00 price objective on the stock. Finally, Wells Fargo & Company boosted their price objective on shares of Tectonic Therapeutic from $55.00 to $79.00 and gave the stock an “overweight” rating in a report on Tuesday, November 12th. Five investment 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, the company presently has an average rating of “Buy” and an average price target of $72.25.

Tectonic Therapeutic Price Performance

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

Tectonic Therapeutic (NASDAQ:TECX) last released 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 expect that Tectonic Therapeutic will post -8.31 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of TECX. Nordwand Advisors LLC acquired a new position in Tectonic Therapeutic in the 3rd quarter valued at $45,000. China Universal Asset Management Co. Ltd. bought a new stake in Tectonic Therapeutic in the 4th quarter valued at $144,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Tectonic Therapeutic during the 3rd quarter worth about $233,000. Acuta Capital Partners LLC bought a new position in shares of Tectonic Therapeutic during the 3rd quarter worth about $415,000. Finally, Clarius Group LLC bought a new position in shares of Tectonic Therapeutic during the 4th quarter worth about $468,000. Institutional investors and hedge funds 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.