Tectonic Therapeutic (NASDAQ:TECX) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) had its price target lifted 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 presently has an "overweight" rating on the stock. Wells Fargo & Company's target price indicates a potential upside of 65.45% from the stock's current price.

Other research analysts also recently issued research reports about the stock. Leerink Partners boosted their target price on shares of Tectonic Therapeutic from $49.00 to $69.00 and gave the company an "outperform" rating in a research note on Monday. Leerink Partnrs raised shares of Tectonic Therapeutic to a "strong-buy" rating in a report on Wednesday, July 24th. Four equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $74.67.

Tectonic Therapeutic Price Performance

Shares of TECX stock traded up $1.68 during trading hours on Tuesday, reaching $47.75. 185,267 shares of the stock were exchanged, compared to its average volume of 49,058. The stock has a fifty day moving average price of $30.59. The stock has a market cap of $703.36 million, a price-to-earnings ratio of -7.74 and a beta of 2.60. Tectonic Therapeutic has a 12-month low of $12.12 and a 12-month high of $47.99.

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) last posted its quarterly earnings data on Wednesday, August 14th. The company reported ($3.81) earnings per share for the quarter, missing analysts' consensus estimates of ($1.96) by ($1.85). As a group, research analysts predict that Tectonic Therapeutic will post -4.91 EPS for the current year.

Insider Transactions at Tectonic Therapeutic

In other Tectonic Therapeutic news, Director Timothy A. Springer purchased 300,000 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The stock was bought at an average cost of $33.59 per share, with a total value of $10,077,000.00. Following the transaction, the director now directly owns 4,096,764 shares in the company, valued at approximately $137,610,302.76. The trade was a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Tectonic Therapeutic news, Director Timothy A. Springer bought 50,000 shares of the firm's stock in a transaction dated Thursday, September 26th. The stock was acquired at an average cost of $28.82 per share, for a total transaction of $1,441,000.00. Following the completion of the transaction, the director now owns 3,796,764 shares in the company, valued at $109,422,738.48. This trade represents a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Timothy A. Springer bought 300,000 shares of the stock in a transaction on Tuesday, October 22nd. The stock was purchased at an average price of $33.59 per share, with a total value of $10,077,000.00. Following the completion of the purchase, the director now 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 disclosure for this purchase can be found here. Company insiders own 9.20% of the company's stock.

Institutional Investors Weigh In On Tectonic Therapeutic

Institutional investors have recently modified their holdings of the business. Acadian Asset Management LLC acquired a new position in shares of Tectonic Therapeutic in the 2nd quarter valued at $1,804,000. Atlas Venture Life Science Advisors LLC purchased a new stake in Tectonic Therapeutic during the 2nd quarter worth about $6,233,000. Renaissance Technologies LLC purchased a new position in shares of Tectonic Therapeutic during the second quarter valued at approximately $1,466,000. Farallon Capital Management LLC purchased a new stake in Tectonic Therapeutic in the second quarter valued at approximately $7,099,000. Finally, Affinity Asset Advisors LLC purchased a new position in shares of Tectonic Therapeutic in the 2nd quarter valued at $961,000. 62.63% of the stock is currently owned by institutional investors and hedge funds.

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.