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Tectonic Therapeutic, Inc. (NASDAQ:TECX), a $435 million market cap biotech company, conducted its Annual General Meeting of Stockholders today, with several key decisions made. According to InvestingPro data, the company maintains a GOOD financial health score despite challenging market conditions, with the stock down 56% over the past six months. The meeting took place with a record date of April 14, 2025, where 18,671,229 shares of common stock were eligible to vote.
During the meeting, stockholders elected Alise Reicin, M.D., and Praveen Tipirneni, M.D., as Class I directors. Both will serve until the 2028 Annual General Meeting or until their successors are duly elected and qualified. Dr. Reicin received 14,469,766 votes in favor, with 432,093 votes withheld and 1,351,739 broker non-votes. Dr. Tipirneni garnered 14,452,647 votes for, 449,212 votes withheld, and 1,351,739 broker non-votes.
Additionally, the stockholders ratified the appointment of Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025. The voting results showed 16,249,011 votes in favor, 3,867 against, and 720 abstentions.
In an advisory vote on executive compensation, stockholders approved the compensation of the company’s named executive officers, with 14,819,757 votes in favor, 66,777 votes against, 15,325 abstentions, and 1,351,739 broker non-votes.
Finally, regarding the frequency of future advisory votes on executive compensation, stockholders expressed a preference for annual votes. The results were 14,878,746 votes for one year, 2,679 for two years, 19,029 for three years, 1,405 abstentions, and 1,351,739 broker non-votes. The company intends to hold these votes annually, aligning with the board’s recommendation. InvestingPro analysis reveals the company maintains strong liquidity with a current ratio of 22.9x and minimal debt, while analysts maintain a Strong Buy consensus with price targets ranging from $69 to $101. Get access to 5 more exclusive ProTips and comprehensive financial metrics with InvestingPro.
This information is based on a press release statement from Tectonic Therapeutic, Inc.
In other recent news, Mizuho (NYSE:MFG) Securities has initiated coverage of Tectonic Therapeutics Inc. with an Outperform rating and a price target of $51.00 per share. This rating is based on the potential of Tectonic’s leading drug candidate, TX45, which targets pulmonary hypertension related to left heart disease. The analysts at Mizuho highlight the significant total addressable market for this condition, estimating around 2.5 million patients, and project that TX45 could achieve peak sales of $3.3 billion. Despite the general skepticism surrounding relaxin treatments, Mizuho remains optimistic due to the specific focus of TX45 on Group 2 PH, differentiating it from previous programs like Eli Lilly (NYSE:LLY)’s that were discontinued. The ongoing Phase 2 trial by AstraZeneca (NASDAQ:AZN) for a similar treatment further supports the mechanism of action for relaxin treatments. Mizuho’s valuation of Tectonic Therapeutics also considers the company’s current market position, which is trading around its cash value, presenting a favorable risk/reward scenario. An upcoming decision by AstraZeneca on advancing their own treatment to Phase 3 trials is seen as a potential catalyst for Tectonic’s stock.
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