Wells Fargo & Company Lowers Tectonic Therapeutic (NASDAQ:TECX) Price Target to $101.00

Tectonic Therapeutic (NASDAQ:TECX) had its price objective lowered by Wells Fargo & Company from $112.00 to $101.00 in a research report released on Friday,Benzinga reports. The firm currently has an overweight rating on the stock.

Tectonic Therapeutic Stock Performance

TECX opened at $21.15 on Friday. The firm’s fifty day moving average is $32.84 and its two-hundred day moving average is $36.35. The firm has a market cap of $312.03 million, a PE ratio of -3.59 and a beta of 2.71. Tectonic Therapeutic has a twelve month low of $15.00 and a twelve month high of $61.07.

Tectonic Therapeutic (NASDAQ:TECX) last posted its earnings results on Thursday, March 20th. The company reported ($0.84) earnings per share for the quarter, topping the consensus estimate of ($0.92) by $0.08. Equities analysts forecast that Tectonic Therapeutic will post -8.31 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Daniel Lochner bought 4,617 shares of the business’s stock in a transaction on Wednesday, February 5th. The shares were bought at an average cost of $54.14 per share, for a total transaction of $249,964.38. Following the completion of the acquisition, the chief financial officer now owns 4,617 shares in the company, valued at approximately $249,964.38. This trade represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Timothy A. Springer acquired 129,294 shares of the company’s stock in a transaction that occurred on Wednesday, February 5th. The shares were bought at an average price of $54.14 per share, for a total transaction of $6,999,977.16. Following the completion of the acquisition, the director now owns 4,226,058 shares of the company’s stock, valued at $228,798,780.12. This trade represents a 3.16 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 9.20% of the company’s stock.

Institutional Investors Weigh In On Tectonic Therapeutic

Hedge funds and other institutional investors have recently made changes to their positions in the stock. JPMorgan Chase & Co. raised its holdings in shares of Tectonic Therapeutic by 5,554.5% during the fourth quarter. JPMorgan Chase & Co. now owns 1,244 shares of the company’s stock worth $57,000 after acquiring an additional 1,222 shares during the period. Virtus ETF Advisers LLC acquired a new stake in shares of Tectonic Therapeutic during the fourth quarter worth $71,000. China Universal Asset Management Co. Ltd. acquired a new stake in shares of Tectonic Therapeutic during the fourth quarter worth $144,000. Charles Schwab Investment Management Inc. acquired a new stake in shares of Tectonic Therapeutic during the fourth quarter worth $218,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of Tectonic Therapeutic during the fourth quarter worth $228,000. 62.63% of the stock is currently owned by institutional investors and hedge funds.

About Tectonic Therapeutic

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.