Tectonic Therapeutic (NASDAQ:TECX) Given New $79.00 Price Target at Wells Fargo & Company

Tectonic Therapeutic (NASDAQ:TECX) had its price objective raised by Wells Fargo & Company from $55.00 to $79.00 in a research report report published on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other analysts also recently issued reports on the stock. Leerink Partners raised their price target on shares of Tectonic Therapeutic from $49.00 to $69.00 and gave the stock an “outperform” rating in a report on Monday, November 11th. Leerink Partnrs upgraded Tectonic Therapeutic to a “strong-buy” rating in a report on Wednesday, July 24th. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $74.67.

Tectonic Therapeutic Trading Down 6.5 %

NASDAQ:TECX opened at $40.45 on Tuesday. Tectonic Therapeutic has a twelve month low of $12.12 and a twelve month high of $48.63. The stock has a market capitalization of $596.76 million, a P/E ratio of -6.87 and a beta of 2.60. The stock has a 50-day simple moving average of $32.65.

Tectonic Therapeutic (NASDAQ:TECX) last issued its earnings results 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). As a group, analysts expect that Tectonic Therapeutic will post -8.31 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Timothy A. Springer bought 300,000 shares of the stock in a transaction dated Tuesday, October 22nd. The stock was acquired at an average price of $33.59 per share, for a total transaction of $10,077,000.00. Following the acquisition, the director now owns 4,096,764 shares in the company, valued at approximately $137,610,302.76. This represents a 7.90 % increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 9.20% of the stock is owned by company insiders.

Institutional Trading of Tectonic Therapeutic

Institutional investors and hedge funds have recently bought and sold shares of the business. Affinity Asset Advisors LLC purchased a new stake in shares of Tectonic Therapeutic in the second quarter valued at about $961,000. Farallon Capital Management LLC acquired a new position in shares of Tectonic Therapeutic in the second quarter valued at approximately $7,099,000. Vida Ventures Advisors LLC purchased a new stake in shares of Tectonic Therapeutic during the third quarter worth approximately $31,169,000. Renaissance Technologies LLC purchased a new stake in shares of Tectonic Therapeutic during the second quarter worth approximately $1,466,000. Finally, Acadian Asset Management LLC acquired a new stake in shares of Tectonic Therapeutic during the second quarter worth $1,804,000. Hedge funds and other institutional investors own 62.63% of the company’s stock.

Tectonic Therapeutic Company Profile

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.