Wells Fargo & Company Has Lowered Expectations for Tectonic Therapeutic (NASDAQ:TECX) Stock Price

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

Tectonic Therapeutic Stock Performance

NASDAQ:TECX opened at $20.87 on Friday. The stock has a fifty day moving average price of $33.22 and a two-hundred day moving average price of $36.34. The stock has a market capitalization of $307.94 million, a price-to-earnings ratio of -3.49 and a beta of 2.71. Tectonic Therapeutic has a 1 year low of $15.00 and a 1 year high of $61.07.

Tectonic Therapeutic (NASDAQ:TECX) last released its quarterly earnings data on Thursday, March 20th. The company reported ($0.84) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.92) by $0.08. On average, analysts predict that Tectonic Therapeutic will post -8.31 EPS for the current year.

Insider Buying and Selling at Tectonic Therapeutic

In related news, CFO Daniel Lochner acquired 4,617 shares of the firm’s stock in a transaction that occurred on Wednesday, February 5th. The shares were acquired 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 directly owns 4,617 shares in the company, valued at approximately $249,964.38. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Timothy A. Springer acquired 129,294 shares of the firm’s stock in a transaction that occurred on Wednesday, February 5th. The shares were bought at an average cost of $54.14 per share, for a total transaction of $6,999,977.16. Following the purchase, the director now owns 4,226,058 shares of the company’s stock, valued at approximately $228,798,780.12. The trade was a 3.16 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 9.20% of the stock is owned by corporate insiders.

Institutional Trading of Tectonic Therapeutic

A number of hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. raised its holdings in shares of Tectonic Therapeutic by 5,554.5% in the 4th quarter. JPMorgan Chase & Co. now owns 1,244 shares of the company’s stock worth $57,000 after purchasing an additional 1,222 shares during the period. Virtus ETF Advisers LLC purchased a new stake in shares of Tectonic Therapeutic during the 4th quarter valued at about $71,000. China Universal Asset Management Co. Ltd. purchased a new stake in shares of Tectonic Therapeutic during the 4th quarter valued at about $144,000. Charles Schwab Investment Management Inc. purchased a new stake in shares of Tectonic Therapeutic during the 4th quarter valued at about $218,000. Finally, Raymond James Financial Inc. purchased a new stake in shares of Tectonic Therapeutic during the 4th quarter valued at about $228,000. 62.63% of the stock is owned by institutional investors and hedge funds.

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.