Wells Fargo & Company Issues Pessimistic Forecast for Tectonic Therapeutic (NASDAQ:TECX) Stock Price

Key Points

• Wells Fargo lowered Tectonic Therapeutic’s price target from $101 to $93 while maintaining an “overweight” rating, implying nearly 197% upside from the prior close.
• Analyst sentiment is mixed: MarketBeat reports an overall “Moderate Buy” rating and a $77.80 average target, although several firms recently downgraded the stock to “sell” or “strong sell.”
• TECX shares closed at $31.32, with the company reporting a quarterly loss of $1.18 per share—better than the expected $1.35 loss. Institutional investors and hedge funds own 62.63% of the stock.

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) had its price target lowered by stock analysts at Wells Fargo & Company from $101.00 to $93.00 in a research report issued on Friday,Benzinga reports. The firm currently has an "overweight" rating on the stock. Wells Fargo & Company's target price would suggest a potential upside of 196.98% from the company's previous close.

TECX has been the topic of a number of other research reports. Wall Street Zen lowered Tectonic Therapeutic from a "sell" rating to a "strong sell" rating in a research report on Saturday, April 18th. Zacks Research lowered Tectonic Therapeutic from a "hold" rating to a "strong sell" rating in a research report on Monday, July 20th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Tectonic Therapeutic in a research note on Friday, July 17th. Raymond James Financial upgraded Tectonic Therapeutic from an "outperform" rating to a "strong-buy" rating and boosted their price objective for the company from $76.00 to $81.00 in a report on Tuesday, May 26th. Finally, Stifel Nicolaus initiated coverage on Tectonic Therapeutic in a research note on Monday, April 13th. They set a "buy" rating and a $75.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $77.80.

Tectonic Therapeutic Stock Performance

Shares of Tectonic Therapeutic stock traded up $1.09 on Friday, reaching $31.32. The company had a trading volume of 12,331 shares, compared to its average volume of 267,753. The firm's 50 day moving average price is $31.24 and its two-hundred day moving average price is $28.47. The firm has a market cap of $590.91 million, a PE ratio of -7.03 and a beta of 3.28. Tectonic Therapeutic has a 52-week low of $14.39 and a 52-week high of $39.53.

Tectonic Therapeutic (NASDAQ:TECX - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($1.18) EPS for the quarter, topping the consensus estimate of ($1.35) by $0.17. As a group, sell-side analysts predict that Tectonic Therapeutic will post -5.46 EPS for the current year.

Institutional Investors Weigh In On Tectonic Therapeutic

Hedge funds have recently added to or reduced their stakes in the business. Caitong International Asset Management Co. Ltd boosted its position in Tectonic Therapeutic by 451.6% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 3,966 shares of the company's stock valued at $62,000 after buying an additional 3,247 shares during the period. New York State Common Retirement Fund purchased a new stake in shares of Tectonic Therapeutic during the second quarter worth $99,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Tectonic Therapeutic during the second quarter worth $119,000. JPMorgan Chase & Co. raised its stake in shares of Tectonic Therapeutic by 483.6% in the second quarter. JPMorgan Chase & Co. now owns 6,548 shares of the company's stock valued at $130,000 after acquiring an additional 5,426 shares in the last quarter. Finally, Los Angeles Capital Management LLC acquired a new stake in shares of Tectonic Therapeutic in the fourth quarter valued at $134,000. 62.63% of the stock is currently owned by institutional investors and hedge funds.

Tectonic Therapeutic Company Profile

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.

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