Tectonic Therapeutic (NASDAQ:TECX) Price Target Cut to $93.00 by Analysts at Wells Fargo & Company

Tectonic Therapeutic (NASDAQ:TECX) had its target price reduced by Wells Fargo & Company from $101.00 to $93.00 in a research report released on Friday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

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

Tectonic Therapeutic Stock Up 2.5%

Shares of NASDAQ:TECX opened at $30.98 on Friday. The company has a market cap of $584.59 million, a price-to-earnings ratio of -6.78 and a beta of 3.28. Tectonic Therapeutic has a fifty-two week low of $14.39 and a fifty-two week high of $39.53. The firm’s 50-day simple moving average is $31.24 and its 200-day simple moving average is $28.49.

Tectonic Therapeutic (NASDAQ:TECX) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($1.18) EPS for the quarter, beating analysts’ consensus estimates of ($1.35) by $0.17. On average, research analysts forecast that Tectonic Therapeutic will post -5.46 EPS for the current year.

Institutional Trading of Tectonic Therapeutic

Large investors have recently made changes to their positions in the stock. BlackRock Inc. acquired a new position in Tectonic Therapeutic in the 2nd quarter valued at about $29,652,000. Baker BROS. Advisors LP boosted its stake in shares of Tectonic Therapeutic by 803.4% during the 4th 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 during the last quarter. First Light Asset Management LLC purchased a new stake in shares of Tectonic Therapeutic during the first quarter worth about $20,022,000. Orbimed Advisors LLC acquired a new position in shares of Tectonic Therapeutic in the fourth quarter valued at approximately $11,986,000. Finally, Vestal Point Capital LP acquired a new position in shares of Tectonic Therapeutic in the fourth quarter valued at approximately $6,842,000. Institutional investors and hedge funds own 62.63% of the company’s stock.

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.