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

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

TECX has been the topic of several other reports. Leerink Partners increased their target price on shares of Tectonic Therapeutic from $49.00 to $69.00 and gave the stock an “outperform” rating in a research note on Monday. Leerink Partnrs raised shares of Tectonic Therapeutic to a “strong-buy” rating in a report on Wednesday, July 24th. Four research 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, the stock currently has an average rating of “Buy” and an average price target of $74.67.

Tectonic Therapeutic Trading Down 7.4 %

NASDAQ TECX opened at $43.26 on Tuesday. The company has a market capitalization of $637.22 million, a price-to-earnings ratio of -7.34 and a beta of 2.60. The company has a 50 day simple moving average of $31.71. Tectonic Therapeutic has a 12-month low of $12.12 and a 12-month high of $48.63.

Tectonic Therapeutic (NASDAQ:TECX) last issued its earnings results on Wednesday, August 14th. The company reported ($3.81) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.96) by ($1.85). As a group, equities research analysts expect that Tectonic Therapeutic will post -7.76 earnings per share for the current fiscal year.

Insider Buying and Selling at Tectonic Therapeutic

In other news, Director Timothy A. Springer purchased 50,000 shares of the stock in a transaction on Thursday, September 26th. The shares were acquired at an average price of $28.82 per share, for a total transaction of $1,441,000.00. Following the completion of the transaction, the director now directly owns 3,796,764 shares of the company’s stock, valued at approximately $109,422,738.48. This trade represents a 1.33 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. 9.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Tectonic Therapeutic

A number of hedge funds and other institutional investors have recently modified their holdings of TECX. Nordwand Advisors LLC purchased a new position in shares of Tectonic Therapeutic during the third quarter worth approximately $45,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Tectonic Therapeutic during the 3rd quarter valued at $233,000. Acuta Capital Partners LLC purchased a new position in Tectonic Therapeutic in the 3rd quarter worth $415,000. Affinity Asset Advisors LLC bought a new stake in Tectonic Therapeutic in the second quarter worth $961,000. Finally, Renaissance Technologies LLC purchased a new stake in Tectonic Therapeutic during the second quarter valued at about $1,466,000. 62.63% of the stock is currently 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.