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

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

Several other equities analysts also recently weighed in on the company. Leerink Partners increased their target price on Tectonic Therapeutic from $49.00 to $69.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Leerink Partnrs raised shares of Tectonic Therapeutic to a “strong-buy” rating in a research note on Wednesday, July 24th. Four research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Tectonic Therapeutic presently has a consensus rating of “Buy” and a consensus price target of $74.67.

Tectonic Therapeutic Stock Performance

NASDAQ TECX opened at $40.45 on Tuesday. The business has a fifty day moving average of $32.65. Tectonic Therapeutic has a fifty-two week low of $12.12 and a fifty-two week high of $48.63. The firm has a market capitalization of $596.76 million, a PE ratio of -6.87 and a beta of 2.60.

Tectonic Therapeutic (NASDAQ:TECX) last announced its quarterly earnings data on Wednesday, August 14th. The company reported ($3.81) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.96) by ($1.85). As a group, analysts forecast that Tectonic Therapeutic will post -8.31 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Timothy A. Springer bought 300,000 shares of Tectonic Therapeutic stock in a transaction dated Tuesday, October 22nd. The shares were acquired at an average cost of $33.59 per share, with a total value of $10,077,000.00. Following the completion of the transaction, the director now owns 4,096,764 shares in the company, valued at approximately $137,610,302.76. This trade represents a 7.90 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 9.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Nordwand Advisors LLC purchased a new stake in Tectonic Therapeutic during the 3rd quarter worth approximately $45,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Tectonic Therapeutic during the third quarter worth approximately $233,000. Acuta Capital Partners LLC bought a new stake in shares of Tectonic Therapeutic in the third quarter worth $415,000. Affinity Asset Advisors LLC acquired a new stake in Tectonic Therapeutic in the second quarter valued at $961,000. Finally, Renaissance Technologies LLC bought a new stake in shares of Tectonic Therapeutic in the 2nd quarter worth about $1,466,000. Institutional investors and hedge funds own 62.63% of the company’s stock.

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.