Tectonic Therapeutic resumed with an Outperform at Raymond James

Raymond James resumed coverage of Tectonic Therapeutic (TECX) with an Outperform rating and $76 price target as part of a broader research note on selection Biotech names. Risk/reward skews favorably across the sector, though while companies with high PoS – probability of success – lead assets allow for higher conviction, highly attractive skews on less de-risked assets may deliver the most outsized returns, the analyst tells investors in a research note. For the company, the firm contends that its lead asset, TX45 offers among the most compelling risk/reward propositions within a biotech landscape currently awash with suppressed valuations and favorable skew, Raymond James added. The firm notes that the ongoing Phase 2 targets a high unmet need indication which favorably aligns with relaxin’s multi-modal mechanism of action.