TD Cowen initiated coverage of Tectonic Therapeutic with a Buy rating and no price target. The company is utilizing its proprietary GEODe platform to discover and develop novel biologics to target G-protein coupled receptors, the analyst tells investors in a research note. The firm says G-protein coupled receptor drugs make up a significant portion of all approved therapies. It believes TX45 demonstrated impressive initial data in a Phase Ia trial in healthy volunteers with increased renal blood flow of 30%.
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