Tectonic Therapeutic price target raised to $69 from $49 at Leerink

Leerink raised the firm’s price target on Tectonic Therapeutic (TECX) to $69 from $49 and keeps an Outperform rating on the shares. Following positive Phase 1a results, the firm is increasing its TX45 probability of success from 30% to 40% in CpcPH and 20% to 30% in IpcPH. Importantly, TX45 demonstrated a half-life of 14-20 days in healthy volunteers, which is longer than Eli Lilly’s (LLY) volenrelaxin’s 8-10 days and AstraZeneca’s (AZN) AZD 3427’s 7-9 days in healthy volunteers, Leerink notes.