Wells Fargo & Company Lowers Tectonic Therapeutic (NASDAQ:TECX) Price Target to $93.00

Tectonic Therapeutic (NASDAQ:TECX) had its price objective reduced by stock analysts at Wells Fargo & Company from $101.00 to $93.00 in a report issued on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s target price would indicate a potential upside of 196.98% from the stock’s previous close.

TECX has been the subject of several other reports. Raymond James Financial raised shares of Tectonic Therapeutic from an “outperform” rating to a “strong-buy” rating and lifted their price objective for the stock from $76.00 to $81.00 in a research report on Tuesday, May 26th. Weiss Ratings restated a “sell (d-)” rating on shares of Tectonic Therapeutic in a research note on Friday, July 17th. Stifel Nicolaus assumed coverage on Tectonic Therapeutic in a research report on Monday, April 13th. They set a “buy” rating and a $75.00 price objective for the company. Wall Street Zen downgraded Tectonic Therapeutic from a “sell” rating to a “strong sell” rating in a report on Saturday, April 18th. Finally, Zacks Research cut Tectonic Therapeutic from a “hold” rating to a “strong sell” rating in a research note on Monday, July 20th. Two equities research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat, Tectonic Therapeutic currently has an average rating of “Moderate Buy” and an average target price of $77.80.

Tectonic Therapeutic Trading Up 3.6%

NASDAQ:TECX traded up $1.09 during mid-day trading on Friday, hitting $31.32. The stock had a trading volume of 12,331 shares, compared to its average volume of 267,753. The stock has a 50-day simple moving average of $31.24 and a two-hundred day simple moving average of $28.47. The company has a market capitalization of $590.91 million, a PE ratio of -7.03 and a beta of 3.28. Tectonic Therapeutic has a twelve month low of $14.39 and a twelve month high of $39.53.

Tectonic Therapeutic (NASDAQ:TECX) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($1.18) EPS for the quarter, topping the consensus estimate of ($1.35) by $0.17. Sell-side analysts predict that Tectonic Therapeutic will post -5.46 EPS for the current fiscal year.

Institutional Investors Weigh In On Tectonic Therapeutic

Institutional investors and hedge funds have recently bought and sold shares of the stock. Braidwell LP boosted its stake in Tectonic Therapeutic by 25.9% in the fourth quarter. Braidwell LP now owns 927,524 shares of the company’s stock valued at $19,348,000 after acquiring an additional 190,657 shares in the last quarter. Baker BROS. Advisors LP increased its position in shares of Tectonic Therapeutic by 803.4% during the fourth quarter. Baker BROS. Advisors LP now owns 903,400 shares of the company’s stock worth $18,845,000 after purchasing an additional 803,400 shares in the last quarter. First Light Asset Management LLC purchased a new stake in shares of Tectonic Therapeutic in the 1st quarter valued at about $20,022,000. 5AM Venture Management LLC lifted its holdings in shares of Tectonic Therapeutic by 18.6% in the 4th quarter. 5AM Venture Management LLC now owns 606,660 shares of the company’s stock valued at $12,655,000 after purchasing an additional 95,000 shares during the last quarter. Finally, Orbimed Advisors LLC acquired a new stake in shares of Tectonic Therapeutic in the 4th quarter valued at about $11,986,000. 62.63% of the stock is owned by hedge funds and other institutional investors.

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.