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

Tectonic Therapeutic (NASDAQ:TECX) had its price objective cut by equities research analysts at Wells Fargo & Company from $112.00 to $101.00 in a note issued to investors on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price indicates a potential upside of 377.54% from the stock’s previous close.

Tectonic Therapeutic Trading Down 4.6 %

TECX stock opened at $21.15 on Friday. The stock’s 50 day simple moving average is $32.84 and its 200 day simple moving average is $36.47. Tectonic Therapeutic has a 12-month low of $15.00 and a 12-month high of $61.07. The stock has a market capitalization of $312.03 million, a PE 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. On average, research analysts predict that Tectonic Therapeutic will post -8.31 earnings per share for the current year.

Insider Activity

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

Institutional Investors Weigh In On Tectonic Therapeutic

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

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.