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

Tectonic Therapeutic (NASDAQ:TECX) had its price objective cut by Wells Fargo & Company from $112.00 to $101.00 in a research report report published on Friday morning,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 cap of $312.03 million, a price-to-earnings ratio of -3.59 and a beta of 2.71. Tectonic Therapeutic has a 1-year low of $15.00 and a 1-year high of $61.07. The firm’s fifty day moving average price is $32.84 and its 200 day moving average price is $36.59.

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

Insider Activity at Tectonic Therapeutic

In other Tectonic Therapeutic news, Director Timothy A. Springer acquired 129,294 shares of the stock in a transaction that occurred on Wednesday, February 5th. The shares were purchased at an average cost of $54.14 per share, with a total value of $6,999,977.16. Following the purchase, the director now owns 4,226,058 shares in the company, valued at approximately $228,798,780.12. The trade was a 3.16 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Daniel Lochner acquired 4,617 shares of the company’s stock in a transaction dated Wednesday, February 5th. The shares were acquired at an average cost of $54.14 per share, with a total value of $249,964.38. Following the completion of the purchase, the chief financial officer now owns 4,617 shares in the company, valued at approximately $249,964.38. This represents a ∞ 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.

Hedge Funds Weigh In On Tectonic Therapeutic

A number of institutional investors have recently made changes to their positions in TECX. Jefferies Financial Group Inc. acquired a new position in Tectonic Therapeutic in the 4th quarter valued at about $249,000. Woodline Partners LP boosted its position in Tectonic Therapeutic by 98.8% during the fourth quarter. Woodline Partners LP now owns 130,109 shares of the company’s stock worth $6,007,000 after acquiring an additional 64,661 shares during the last quarter. Soleus Capital Management L.P. purchased a new stake in Tectonic Therapeutic in the 4th quarter worth approximately $1,470,000. Stempoint Capital LP acquired a new position in Tectonic Therapeutic in the 4th quarter valued at $436,000. Finally, Paradigm Biocapital Advisors LP purchased a new position in shares of Tectonic Therapeutic during the 4th quarter worth $22,397,000. 62.63% of the stock is owned by institutional investors and hedge funds.

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.