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

Tectonic Therapeutic (NASDAQ:TECX) had its target price reduced by stock analysts at Wells Fargo & Company from $112.00 to $101.00 in a research note issued on Friday,Benzinga reports. The firm presently has an “overweight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential upside of 383.88% from the stock’s current price.

Tectonic Therapeutic Stock Down 5.9 %

Shares of NASDAQ TECX opened at $20.87 on Friday. Tectonic Therapeutic has a fifty-two week low of $15.00 and a fifty-two week high of $61.07. The firm has a market cap of $307.94 million, a PE ratio of -3.49 and a beta of 2.71. The business has a 50 day moving average price of $33.22 and a two-hundred day moving average price of $36.34.

Tectonic Therapeutic (NASDAQ:TECX) last issued its quarterly earnings results on Thursday, March 20th. The company reported ($0.84) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.92) by $0.08. On average, analysts anticipate that Tectonic Therapeutic will post -8.31 earnings per share for the current year.

Insider Activity

In related news, Director Timothy A. Springer acquired 129,294 shares of the stock in a transaction that occurred on Wednesday, February 5th. The stock was purchased at an average cost of $54.14 per share, for a total transaction of $6,999,977.16. Following the purchase, the director now directly owns 4,226,058 shares in the company, valued at $228,798,780.12. This represents a 3.16 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Daniel Lochner acquired 4,617 shares of the stock in a transaction that occurred on Wednesday, February 5th. The shares were bought at an average price 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 $249,964.38. The trade was 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.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. grew its stake in Tectonic Therapeutic by 5,554.5% during the 4th 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 during the 4th quarter worth $71,000. China Universal Asset Management Co. Ltd. bought a new position in Tectonic Therapeutic during the 4th quarter worth $144,000. Charles Schwab Investment Management Inc. bought a new position in Tectonic Therapeutic during the 4th quarter worth $218,000. Finally, Raymond James Financial Inc. acquired a new position in Tectonic Therapeutic during the 4th quarter worth $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.