Tectonic Therapeutic (NASDAQ:TECX) Shares Up 6.7% on Analyst Upgrade

Tectonic Therapeutic (NASDAQ:TECX)’s share price rose 6.7% on Friday after Wells Fargo & Company raised their price target on the stock from $79.00 to $112.00. Wells Fargo & Company currently has an overweight rating on the stock. Tectonic Therapeutic traded as high as $59.50 and last traded at $58.49. Approximately 62,960 shares were traded during mid-day trading, a decline of 87% from the average daily volume of 471,088 shares. The stock had previously closed at $54.84.

TECX has been the topic of several other research reports. Leerink Partners upped their price target on shares of Tectonic Therapeutic from $49.00 to $69.00 and gave the company an “outperform” rating in a report on Monday, November 11th. Raymond James started coverage on Tectonic Therapeutic in a research note on Wednesday, November 20th. They issued an “outperform” rating and a $65.00 target price on the stock. Five investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $80.50.

Hedge Funds Weigh In On Tectonic Therapeutic

Several institutional investors and hedge funds have recently modified their holdings of the company. Nordwand Advisors LLC acquired a new position in Tectonic Therapeutic in the 3rd quarter valued at $45,000. China Universal Asset Management Co. Ltd. purchased a new stake in shares of Tectonic Therapeutic in the fourth quarter valued at $144,000. Exome Asset Management LLC increased its stake in Tectonic Therapeutic by 12.2% in the third quarter. Exome Asset Management LLC now owns 36,344 shares of the company’s stock valued at $1,101,000 after purchasing an additional 3,955 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Tectonic Therapeutic during the third quarter worth about $233,000. Finally, Clarius Group LLC acquired a new stake in Tectonic Therapeutic in the 4th quarter worth about $468,000. Hedge funds and other institutional investors own 62.63% of the company’s stock.

Tectonic Therapeutic Stock Performance

The firm has a fifty day simple moving average of $45.64 and a 200 day simple moving average of $33.41. The company has a market cap of $798.73 million, a PE ratio of -9.19 and a beta of 2.63.

Tectonic Therapeutic (NASDAQ:TECX) last released its earnings results on Thursday, November 7th. The company reported ($1.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.36). As a group, equities analysts predict that Tectonic Therapeutic will post -8.31 EPS for the current fiscal year.

About Tectonic Therapeutic

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.