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

Tectonic Therapeutic (NASDAQ:TECX - Free Report) had its price objective lowered by Wells Fargo & Company from $112.00 to $101.00 in a report released on Friday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Tectonic Therapeutic Price Performance

Shares of TECX traded down $0.18 during midday trading on Friday, reaching $21.22. The stock had a trading volume of 356,726 shares, compared to its average volume of 163,175. The company has a market capitalization of $313.06 million, a P/E ratio of -3.60 and a beta of 2.71. The firm's 50 day moving average price is $32.17 and its 200-day moving average price is $36.64. Tectonic Therapeutic has a 52 week low of $15.00 and a 52 week high of $61.07.

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) last released its earnings results on Thursday, March 20th. The company reported ($0.84) EPS for the quarter, beating the consensus estimate of ($1.39) by $0.55. On average, equities analysts forecast that Tectonic Therapeutic will post -8.31 earnings per share for the current year.

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Insider Activity

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

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of TECX. Paradigm Biocapital Advisors LP purchased a new stake in shares of Tectonic Therapeutic in the fourth quarter worth approximately $22,397,000. Ikarian Capital LLC boosted its stake in shares of Tectonic Therapeutic by 325.1% during the 3rd 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. Farallon Capital Management LLC grew its holdings in shares of Tectonic Therapeutic by 37.0% during the 4th quarter. Farallon Capital Management LLC now owns 713,050 shares of the company's stock valued at $32,922,000 after acquiring an additional 192,653 shares in the last quarter. FMR LLC raised its holdings in shares of Tectonic Therapeutic by 13.2% during the third quarter. FMR LLC now owns 1,220,138 shares of the company's stock worth $36,970,000 after acquiring an additional 142,600 shares in the last quarter. Finally, Invesco Ltd. purchased a new stake in shares of Tectonic Therapeutic during the fourth quarter worth $5,918,000. 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.