Tectonic Therapeutic (NASDAQ:TECX) Price Target Raised to $79.00

Tectonic Therapeutic (NASDAQ:TECX) had its target price lifted by Wells Fargo & Company from $55.00 to $79.00 in a research note released on Tuesday morning,Benzinga reports. They currently have an overweight rating on the stock.

Several other research analysts have also issued reports on TECX. Leerink Partners increased their price target on Tectonic Therapeutic from $49.00 to $69.00 and gave the stock an “outperform” rating in a report on Monday. Leerink Partnrs upgraded Tectonic Therapeutic to a “strong-buy” rating in a report on Wednesday, July 24th. Four analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Tectonic Therapeutic presently has a consensus rating of “Buy” and a consensus price target of $74.67.

Tectonic Therapeutic Stock Performance

Shares of TECX stock opened at $43.26 on Tuesday. The company has a market capitalization of $637.22 million, a P/E ratio of -7.34 and a beta of 2.60. Tectonic Therapeutic has a fifty-two week low of $12.12 and a fifty-two week high of $48.63. The business has a 50 day simple moving average of $31.71.

Tectonic Therapeutic (NASDAQ:TECX) last announced its quarterly earnings data on Wednesday, August 14th. The company reported ($3.81) earnings per share for the quarter, missing the consensus estimate of ($1.96) by ($1.85). On average, research analysts predict that Tectonic Therapeutic will post -7.76 EPS for the current year.

Insiders Place Their Bets

In related news, Director Timothy A. Springer bought 50,000 shares of the business’s stock in a transaction that occurred on Thursday, September 26th. The shares were bought at an average price of $28.82 per share, with a total value of $1,441,000.00. Following the completion of the transaction, the director now directly owns 3,796,764 shares in the company, valued at approximately $109,422,738.48. This represents a 1.33 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 9.20% of the company’s stock.

Institutional Investors Weigh In On Tectonic Therapeutic

A number of institutional investors and hedge funds have recently bought and sold shares of TECX. Nordwand Advisors LLC bought a new stake in shares of Tectonic Therapeutic in the 3rd quarter worth $45,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Tectonic Therapeutic in the 3rd quarter worth about $233,000. Acuta Capital Partners LLC purchased a new stake in Tectonic Therapeutic in the 3rd quarter valued at about $415,000. Affinity Asset Advisors LLC purchased a new position in shares of Tectonic Therapeutic in the 2nd quarter worth approximately $961,000. Finally, Walleye Capital LLC grew its holdings in shares of 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 acquiring an additional 48,978 shares in the last quarter. 62.63% of the stock is owned by hedge funds and other institutional investors.

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.