Mizuho has begun coverage of Tectonic Therapeutic (TECX, Financial) with an "Outperform" rating and set a price target of $51. The focus of this assessment is Tectonic's principal drug candidate, TX45, designed for the treatment of pulmonary hypertension resulting from left heart disease.
According to the research, TX45 stands out due to its long-acting relaxin protein, which offers potential advantages in efficacy and safety. Additionally, its once-monthly subcutaneous administration could enhance its appeal to both patients and healthcare providers.
The market opportunity for TX45 is significant, with a total addressable market of 2.5 million patients. Mizuho anticipates that the treatment could establish a stronghold within the subgroup of severe patients, eventually reaching an estimated peak sales of $3.3 billion. This optimistic outlook is based on the potential of TX45 to effectively serve unmet needs within this patient population.
