Tectonic Therapeutic (NASDAQ:TECX) Given New $101.00 Price Target at Wells Fargo & Company

Tectonic Therapeutic (NASDAQ:TECX) had its price target reduced by analysts at Wells Fargo & Company from $112.00 to $101.00 in a report issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price points to a potential upside of 377.54% from the stock’s current price.

Tectonic Therapeutic Price Performance

Tectonic Therapeutic stock opened at $21.15 on Friday. The firm’s 50 day moving average price is $32.84 and its 200-day moving average price is $36.47. Tectonic Therapeutic has a 1 year low of $15.00 and a 1 year high of $61.07. The stock has a market cap of $312.03 million, a P/E ratio of -3.59 and a beta of 2.71.

Tectonic Therapeutic (NASDAQ:TECX) last announced its quarterly earnings results on Thursday, March 20th. The company reported ($0.84) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.92) by $0.08. As a group, equities analysts expect that Tectonic Therapeutic will post -8.31 EPS for the current year.

Insider Activity at Tectonic Therapeutic

In other news, CFO Daniel Lochner acquired 4,617 shares of Tectonic Therapeutic stock in a transaction on Wednesday, February 5th. The shares were acquired at an average price of $54.14 per share, with a total value of $249,964.38. Following the purchase, the chief financial officer now directly owns 4,617 shares in the company, valued at $249,964.38. The trade was a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Timothy A. Springer bought 129,294 shares of the stock in a transaction dated Wednesday, February 5th. The shares were purchased at an average price of $54.14 per share, with a total value of $6,999,977.16. Following the completion of the transaction, the director now directly owns 4,226,058 shares in the company, valued at approximately $228,798,780.12. The trade was a 3.16 % increase in their position. The disclosure for this purchase can be found here. 9.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Tectonic Therapeutic

A number of institutional investors and hedge funds have recently made changes to their positions in TECX. FMR LLC lifted 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 valued at $36,970,000 after acquiring an additional 142,600 shares during the last quarter. Farallon Capital Management LLC raised its position in Tectonic Therapeutic by 37.0% during the fourth quarter. Farallon Capital Management LLC now owns 713,050 shares of the company’s stock valued at $32,922,000 after purchasing an additional 192,653 shares during the period. Paradigm Biocapital Advisors LP bought a new stake in shares of Tectonic Therapeutic in the 4th quarter valued at approximately $22,397,000. Ikarian Capital LLC boosted its holdings in shares of Tectonic Therapeutic by 325.1% in the 3rd quarter. Ikarian Capital LLC now owns 267,145 shares of the company’s stock worth $8,094,000 after purchasing an additional 204,309 shares during the period. Finally, Balyasny Asset Management L.P. increased its position in shares of Tectonic Therapeutic by 36.9% during the 4th quarter. Balyasny Asset Management L.P. now owns 247,000 shares of the company’s stock valued at $11,404,000 after purchasing an additional 66,527 shares during the last quarter. 62.63% of the stock is owned by hedge funds and other institutional investors.

Tectonic Therapeutic Company Profile

Tectonic Therapeutic, Inc engages in discovery and development of therapeutic proteins & antibodies. The company was founded by Timothy A. Springer and Andrew Kruse in 2019 and is headquartered in Watertown, MA.