Wells Fargo analyst Tiago Fauth lowered the firm’s price target on Tectonic Therapeutic (TECX) to $101 from $112 and keeps an Overweight rating on the shares. The firm thinks Tectonic Therapeutic is undervalued given noise around a competitor’s discontinuation of their program in a different indication and some misconceptions around the relaxin mechanism. Wells believes this sets up one of the most attractive risk/rewards in its coverage.
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