Tectonic Therapeutic initiated with an Outperform at Raymond James

Raymond James initiated coverage of Tectonic Therapeutic (TECX) with an Outperform rating and $65 price target The company’s “differentiated” G-protein coupled receptors discovery platform has positioned with a potential best-in-class relaxin mimetic for the treatment of group two pulmonary hypertension and possibly other cardiovascular conditions, the analyst tells investors in a research note. The firm says Tectonic’s approach has been somewhat validated by Novartis (NVS).