Wedbush Reaffirms Outperform Rating for Tyra Biosciences (NASDAQ:TYRA)

Key Points

• Wedbush reaffirmed its Outperform rating on Tyra Biosciences and set a $53 price target, implying 140.8% upside from the reported $22.01 share price. Analysts overall assign the stock a “Moderate Buy” consensus rating with a $47.88 target.
• Tyra shares have fallen sharply, opening at $22.01 after a 17.7% decline, while the company reported a quarterly loss of $0.69 per share, missing estimates by $0.04. Analysts expect a full-year loss of approximately $2.74 per share.
• The company continues advancing dabogratinib toward pivotal studies in bladder cancer, but disappointing mid-stage efficacy results and reported adverse events have increased investor concerns about the treatment’s differentiation and safety.

Tyra Biosciences (NASDAQ:TYRA - Get Free Report)'s stock had its "outperform" rating reissued by equities researchers at Wedbush in a research note issued to investors on Thursday, Benzinga reports. They currently have a $53.00 price objective on the stock. Wedbush's target price indicates a potential upside of 140.80% from the stock's current price.

Several other equities analysts have also recently issued reports on the company. Wolfe Research began coverage on Tyra Biosciences in a research note on Tuesday, May 19th. They set a "peer perform" rating on the stock. Jefferies Financial Group reaffirmed a "buy" rating and issued a $42.00 price target on shares of Tyra Biosciences in a research note on Wednesday, August 5th. Bank of America lifted their price target on shares of Tyra Biosciences from $37.00 to $42.00 and gave the company a "buy" rating in a report on Wednesday, June 10th. HC Wainwright reduced their price objective on shares of Tyra Biosciences from $45.00 to $30.00 and set a "buy" rating on the stock in a research report on Thursday. Finally, Piper Sandler reissued an "overweight" rating and set a $56.00 price objective on shares of Tyra Biosciences in a research report on Tuesday. Eleven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $47.88.

Tyra Biosciences Stock Down 17.7%

NASDAQ:TYRA opened at $22.01 on Thursday. The firm has a market capitalization of $1.31 billion, a P/E ratio of -9.17 and a beta of 0.73. The company has a fifty day moving average of $28.70 and a 200 day moving average of $31.97. Tyra Biosciences has a 52 week low of $11.70 and a 52 week high of $40.65.

Tyra Biosciences (NASDAQ:TYRA - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.65) by ($0.04). As a group, analysts anticipate that Tyra Biosciences will post -2.74 EPS for the current year.

Hedge Funds Weigh In On Tyra Biosciences

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Hilton Head Capital Partners LLC bought a new stake in shares of Tyra Biosciences in the 1st quarter worth approximately $30,000. Caitong International Asset Management Co. Ltd bought a new position in Tyra Biosciences during the 4th quarter valued at approximately $51,000. State of Wyoming purchased a new position in Tyra Biosciences during the second quarter valued at $76,000. Canada Pension Plan Investment Board purchased a new position in Tyra Biosciences during the second quarter valued at $230,000. Finally, SG Americas Securities LLC bought a new stake in Tyra Biosciences in the first quarter worth $276,000. Institutional investors own 84.14% of the company's stock.

Tyra Biosciences News Roundup

Here are the key news stories impacting Tyra Biosciences this week:

• Positive Sentiment: Tyra said the SURF302 study supported selection of a 60 mg once-daily dose and provided a basis for advancing dabogratinib into planned registrational studies. The company continues to pursue what it describes as a potential oral innovation for LG IR NMIBC. Tyra Biosciences Reports Initial Phase 2 SURF302 Results
• Positive Sentiment: Despite the market’s reaction, Tyra plans to continue toward pivotal development, preserving a potential future catalyst if larger studies demonstrate stronger efficacy and tolerability. Tyra Rolls Toward Pivotal Bladder Cancer Study
• Neutral Sentiment: Tyra also held a virtual fireside chat and investor meetings at the Cantor Global Healthcare Conference, providing an opportunity to explain the trial results and development strategy. Tyra Biosciences to Present at the Cantor Global Healthcare Conference
• Negative Sentiment: Investors were disappointed that the mid-stage bladder-cancer data did not clearly meet elevated expectations, particularly when compared with competing treatment approaches such as Johnson & Johnson’s Balversa. The reaction reflects uncertainty over whether dabogratinib can deliver a sufficiently differentiated benefit in later-stage testing. Tyra Disappoints Investors With Bladder Cancer Data
• Negative Sentiment: Reports also highlighted adverse events in some patients, adding safety concerns to the efficacy disappointment and contributing to the sharp decline in TYRA shares. Tyra Biosciences Shares Sink After Bladder-Cancer Treatment Causes Adverse Events

About Tyra Biosciences

Tyra Biosciences NASDAQ: TYRA is a clinical-stage precision oncology company focused on the discovery and development of small-molecule therapies for genetically defined cancers. The company integrates bioinformatics, molecular biology and medicinal chemistry to identify oncogenic drivers and design targeted inhibitors. By leveraging large-scale genomic datasets and functional screening, Tyra Biosciences aims to advance therapies that address patient populations with high unmet medical need.

The company's pipeline includes multiple programs at various stages of development, each directed against distinct molecular vulnerabilities in cancer cells.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.