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

Tectonic Therapeutic (NASDAQ:TECX) had its target price 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 Stock Performance

Shares of TECX opened at $21.15 on Friday. The company has a 50-day simple moving average of $32.84 and a 200-day simple moving average of $36.35. The firm has a market capitalization of $312.03 million, a P/E ratio of -3.59 and a beta of 2.71. Tectonic Therapeutic has a 52 week low of $15.00 and a 52 week high of $61.07.

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, equities analysts forecast that Tectonic Therapeutic will post -8.31 earnings per share for the current year.

Insider Activity

In related news, CFO Daniel Lochner purchased 4,617 shares of the firm’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 directly owns 4,617 shares of the company’s stock, valued at $249,964.38. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Timothy A. Springer purchased 129,294 shares of the firm’s stock in a transaction dated Wednesday, February 5th. The shares were bought at an average cost of $54.14 per share, for a total transaction of $6,999,977.16. Following the completion of the purchase, the director now directly owns 4,226,058 shares of the company’s stock, valued at $228,798,780.12. The trade was a 3.16 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 9.20% of the stock is owned by insiders.

Institutional Trading of Tectonic Therapeutic

Several hedge funds have recently modified their holdings of TECX. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Tectonic Therapeutic during the third quarter valued at approximately $233,000. FMR LLC lifted its holdings in Tectonic Therapeutic by 13.2% in the third 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. Acuta Capital Partners LLC acquired a new position in Tectonic Therapeutic in the third quarter valued at approximately $415,000. Walleye Capital LLC lifted its holdings in Tectonic Therapeutic by 204.2% in the third quarter. Walleye Capital LLC now owns 72,962 shares of the company’s stock valued at $2,211,000 after buying an additional 48,978 shares during the period. Finally, Ikarian Capital LLC lifted its holdings in Tectonic Therapeutic by 325.1% in the third quarter. Ikarian Capital LLC now owns 267,145 shares of the company’s stock valued at $8,094,000 after buying an additional 204,309 shares during the period. 62.63% of the stock is 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.