Wells Fargo & Company Raises Tectonic Therapeutic (NASDAQ:TECX) Price Target to $79.00

Tectonic Therapeutic (NASDAQ:TECX) had its price target boosted by investment analysts at Wells Fargo & Company from $55.00 to $79.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 69.02% from the company’s current price.

Other research analysts also recently issued research reports about the company. Leerink Partnrs upgraded Tectonic Therapeutic to a “strong-buy” rating in a research note on Wednesday, July 24th. Leerink Partners lifted their target price on Tectonic Therapeutic from $49.00 to $69.00 and gave the company an “outperform” rating in a research note on Monday. Four analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Tectonic Therapeutic presently has a consensus rating of “Buy” and a consensus price target of $74.67.

Tectonic Therapeutic Trading Down 2.1 %

NASDAQ:TECX opened at $46.74 on Tuesday. The stock’s 50 day moving average price is $31.16. Tectonic Therapeutic has a 52-week low of $12.12 and a 52-week high of $48.63.

Tectonic Therapeutic (NASDAQ:TECX) last released its quarterly earnings results on Wednesday, August 14th. The company reported ($3.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.96) by ($1.85). On average, research analysts expect that Tectonic Therapeutic will post -7.76 EPS for the current fiscal year.

Insider Buying and Selling at Tectonic Therapeutic

In related news, Director Timothy A. Springer bought 50,000 shares of the stock in a transaction on Thursday, September 26th. The shares were bought at an average cost of $28.82 per share, for a total transaction of $1,441,000.00. Following the purchase, the director now owns 3,796,764 shares of the company’s stock, valued at $109,422,738.48. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Tectonic Therapeutic news, Director Timothy A. Springer purchased 300,000 shares of Tectonic Therapeutic stock in a transaction dated Tuesday, October 22nd. The stock was acquired at an average cost of $33.59 per share, with a total value of $10,077,000.00. Following the acquisition, the director now directly owns 4,096,764 shares of the company’s stock, valued at $137,610,302.76. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Timothy A. Springer purchased 50,000 shares of Tectonic Therapeutic stock in a transaction dated Thursday, September 26th. The stock was acquired at an average cost of $28.82 per share, with a total value of $1,441,000.00. Following the completion of the acquisition, the director now directly owns 3,796,764 shares in the company, valued at approximately $109,422,738.48. This trade represents a 0.00 % 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 Trading of Tectonic Therapeutic

Several hedge funds have recently modified their holdings of the business. 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 buying an additional 142,600 shares during the period. Vida Ventures Advisors LLC acquired a new position in Tectonic Therapeutic during the third quarter worth $31,169,000. Farallon Capital Management LLC acquired a new position in Tectonic Therapeutic during the second quarter worth $7,099,000. Atlas Venture Life Science Advisors LLC acquired a new position in Tectonic Therapeutic during the second quarter worth $6,233,000. Finally, Acadian Asset Management LLC acquired a new position in Tectonic Therapeutic during the second quarter worth $1,804,000. 62.63% of the stock is owned by institutional investors and hedge funds.

Tectonic Therapeutic Company 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.