Tectonic Therapeutic price target raised to $85 from $51 at Mizuho

Mizuho analyst Uy Ear raised the firm’s price target on Tectonic Therapeutic (TECX) to $85 from $51 and keeps an Outperform rating on the shares. The firm believes the blockbuster potential of TX45 in pulmonary hypertension remains underappreciated at current shared levels as investors continue to be concerned about the potential effectiveness of the relaxin class given Lilly’s futility finding in the Phase 2 trial of volenrelaxin in heart failure. Mizuho said it recently discovered the protocol for the Phase 2 trial of AZD3427 in group 2 pulmonary hypertension “that should reverse this sentiment.” The protocol calls for AstraZeneca to conduct an interim analysis, and based on AZD3427’s Phase 2 trial timeline, AstraZeneca conducted this interim analysis and found no futility as AZD3427’s Phase 2 trials remain ongoing, contends the firm. It We increased its probability of success for TX45 from 35% to 55%.