Feb. 25 at 12:55 PM
Leerink⬇️
$TECX's PT to
$60 from Nice and reiterated at Outperform.
$RHHBY $PFE BMY
$TENX $MRK
Leerink said in its note:
TECX hosted a virtual investor event to highlight its second clinical-stage pipeline candidate, TX2100, for the treatment of hereditary hemorrhagic telangiectasia (HHT), a rare blood disorder. Advancement of this drug candidate into the clinic
further validates Tectonic's novel GPCR-targeted therapy discovery platform.
We are lowering our DCF-derived PT from
$69 to
$60, driven by lower PoS for TX45 partially offset by higher PoS for TX2100.
But we note that TECX shares offer significant upside potential from the current stock price of
$21.
We view TX2100 as compelling given its differentiated mechanism and safety profile relative to competing candidates in development for HHT. And it provides meaningful strategic diversification beyond TX45. Reiterate OP rating on TECX shares.
