Tectonic Therapeutic (NASDAQ:TECX) Stock Price Up 6.7% on Analyst Upgrade

Tectonic Therapeutic (NASDAQ:TECX)’s stock price traded up 6.7% on Friday after Wells Fargo & Company raised their price target on the stock from $79.00 to $112.00. Wells Fargo & Company currently has an overweight rating on the stock. Tectonic Therapeutic traded as high as $59.50 and last traded at $58.49. 62,960 shares were traded during trading, a decline of 87% from the average session volume of 471,088 shares. The stock had previously closed at $54.84.

Several other equities research analysts have also recently weighed in on the stock. Leerink Partners upped their price objective on shares of Tectonic Therapeutic from $49.00 to $69.00 and gave the stock an “outperform” rating in a research report on Monday, November 11th. Raymond James started coverage on shares of Tectonic Therapeutic in a report on Wednesday, November 20th. They set an “outperform” rating and a $65.00 price target for the company. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $80.50.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Renaissance Technologies LLC bought a new position in Tectonic Therapeutic during the 2nd quarter worth approximately $1,466,000. Vida Ventures Advisors LLC bought a new stake in Tectonic Therapeutic during the 3rd quarter worth approximately $31,169,000. Nordwand Advisors LLC bought a new position in shares of Tectonic Therapeutic during the third quarter valued at about $45,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Tectonic Therapeutic in the 3rd quarter worth approximately $233,000. Finally, FMR LLC grew its stake in Tectonic Therapeutic by 13.2% in the 3rd quarter. FMR LLC now owns 1,220,138 shares of the company’s stock valued at $36,970,000 after purchasing an additional 142,600 shares during the period. 62.63% of the stock is currently owned by institutional investors and hedge funds.

Tectonic Therapeutic Trading Up 2.3 %

The business’s fifty day moving average is $45.52 and its 200 day moving average is $33.15. The company has a market cap of $827.70 million, a P/E ratio of -9.51 and a beta of 2.63.

Tectonic Therapeutic (NASDAQ:TECX) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($1.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.84) by ($0.36). As a group, research analysts expect that Tectonic Therapeutic will post -8.31 EPS for the current fiscal year.

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.