Jul. 22 at 12:32 PM
Evercore ISI🏁
$TENX OP-
$39 & says that it models a strong 50% PoS—sees upside ranging from +250% (base case data) to 10x (home-run data)—90% downside on failure.
$TECX MRK
$CYTK EWTX MLYS AZN TNYA
Evercore ISI said -- "This is not a conviction call for us. There's not enough data for this to be a conviction call for anyone. That's why the stock is only
$1B mkt cap in the context of massive potential upside driven by the huge unmet need in PH-HFpEF.
But we spent a lot of time digging in and walked away thinking...this trial has a real shot at working.
We model a strong 50% PoS, and see upside ranging from +250% (base case data) to 10x (home-run data) depending on the strength of data; 90% downside on failure. Scenarios below.
We calculate that the current trading price implies only ~20 25% odds of LEVEL working. So if you believe TENX has around coin flip odds of this study working, you should find the current stock setup compelling. We're initiating coverage at Outperform with a
$39 PT.
