Ikarian Capital LLC Purchases 204,309 Shares of Tectonic Therapeutic (NASDAQ:TECX)

Ikarian Capital LLC grew its position in shares of Tectonic Therapeutic (NASDAQ:TECX) by 325.1% in the third quarter, according to its most recent filing with the SEC. The fund owned 267,145 shares of the company’s stock after acquiring an additional 204,309 shares during the quarter. Tectonic Therapeutic comprises approximately 1.1% of Ikarian Capital LLC’s holdings, making the stock its 17th largest holding. Ikarian Capital LLC’s holdings in Tectonic Therapeutic were worth $8,094,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. FMR LLC boosted its position in shares of Tectonic Therapeutic by 13.2% during the 3rd quarter. FMR LLC now owns 1,220,138 shares of the company’s stock valued at $36,970,000 after acquiring an additional 142,600 shares during the last quarter. Vida Ventures Advisors LLC purchased a new stake in Tectonic Therapeutic during the 3rd quarter valued at $31,169,000. Farallon Capital Management LLC purchased a new stake in Tectonic Therapeutic during the 2nd quarter valued at $7,099,000. Atlas Venture Life Science Advisors LLC purchased a new stake in Tectonic Therapeutic during the 2nd quarter valued at $6,233,000. Finally, Acadian Asset Management LLC purchased a new stake in Tectonic Therapeutic during the 2nd quarter valued at $1,804,000. 62.63% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

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

Tectonic Therapeutic Stock Up 2.4 %

TECX stock traded up $1.19 during midday trading on Tuesday, reaching $51.52. The company’s stock had a trading volume of 5,051 shares, compared to its average volume of 52,545. The company’s fifty day moving average price is $38.19. Tectonic Therapeutic has a 1 year low of $12.12 and a 1 year high of $51.52.

Insiders Place Their Bets

In other news, Director Timothy A. Springer purchased 300,000 shares of the business’s stock in a transaction dated Tuesday, October 22nd. The shares were purchased at an average price of $33.59 per share, for a total transaction of $10,077,000.00. Following the completion of the purchase, the director now owns 4,096,764 shares in the company, valued at approximately $137,610,302.76. This represents a 7.90 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 9.20% of the company’s stock.

Tectonic Therapeutic 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.