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

Tectonic Therapeutic (NASDAQ:TECX) had its price target reduced by Wells Fargo & Company from $112.00 to $101.00 in a research note issued to investors on Friday,Benzinga reports. They currently have an overweight rating on the stock.

Tectonic Therapeutic Price Performance

NASDAQ:TECX opened at $21.15 on Friday. The firm has a market capitalization of $312.03 million, a P/E ratio of -3.59 and a beta of 2.71. The business has a 50 day simple moving average of $32.84 and a 200 day simple moving average of $36.59. Tectonic Therapeutic has a 12-month low of $15.00 and a 12-month high of $61.07.

Tectonic Therapeutic (NASDAQ:TECX) last released its quarterly earnings data on Thursday, March 20th. The company reported ($0.84) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.92) by $0.08. Research analysts anticipate that Tectonic Therapeutic will post -8.31 EPS for the current fiscal year.

Insider Transactions at Tectonic Therapeutic

In other Tectonic Therapeutic news, Director Timothy A. Springer purchased 129,294 shares of the stock in a transaction dated Wednesday, February 5th. The shares were bought at an average cost of $54.14 per share, with a total value 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 approximately $228,798,780.12. This trade represents a 3.16 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Daniel Lochner purchased 4,617 shares of the company’s stock in a transaction on Wednesday, February 5th. The shares were bought at an average price of $54.14 per share, for a total transaction of $249,964.38. Following the completion of the transaction, the chief financial officer now directly owns 4,617 shares in the company, valued at $249,964.38. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders own 9.20% of the company’s stock.

Hedge Funds Weigh In On Tectonic Therapeutic

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TECX. JPMorgan Chase & Co. raised its holdings in shares of Tectonic Therapeutic by 5,554.5% in the 4th quarter. JPMorgan Chase & Co. now owns 1,244 shares of the company’s stock worth $57,000 after purchasing an additional 1,222 shares in the last quarter. Virtus ETF Advisers LLC bought a new stake in shares of Tectonic Therapeutic in the 4th quarter valued at approximately $71,000. China Universal Asset Management Co. Ltd. acquired a new position in Tectonic Therapeutic in the fourth quarter worth approximately $144,000. Charles Schwab Investment Management Inc. bought a new position in shares of Tectonic Therapeutic during the 4th quarter valued at $218,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of Tectonic Therapeutic in the fourth quarter worth about $228,000. 62.63% of the stock is owned by 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.