Jul. 21 at 4:33 PM
Truist🏁
$TECX Buy-
$64 and said, "With This Much Asymmetric Upside Risk, We're Relaxin Ahead of Key HF Data"
$AZN $NVS $LLY
Truist additionally said in its initiation report:
"Tectonic is advancing lead relaxin asset, TX45 for Group 2 PH-HFpEF.
Despite what we view as compelling and de-risking Ph 1b hemodynamic data reported earlier this year, the stock is currently trading at a~
$120M EV. The disconnect seems to be driven by the discontinuation of a competitive relaxin program. However, we think the readthrough to TX45 should be limited, given its superior PK profile and optimized trial design.
We are cautiously optimistic that TX45 will be successful in its ongoing Phase 2 study (data 2026), and we view the risk/ reward as highly attractive (potential stock move >200% up vs ~40% down)."
