Canaccord Genuity Group Begins Coverage on Tyra Biosciences (NASDAQ:TYRA)

Key Points

• Canaccord Genuity initiated coverage on Tyra Biosciences with a buy rating and a $50 price target, implying about a 26% upside from the prior close.
• Analyst consensus is a "Moderate Buy" (majority Buy/Outperform) with a consensus target of $45.43; the stock trades near $39.61, has a market cap of ~$2.13B, and reported a quarterly EPS loss of $0.57 (missed estimates).
• Insider and institutional activity: a director sold 14,295 shares (reducing their stake by ~33.6%), insiders own 15.2% of the stock and institutional investors/hedge funds hold about 84.14%.

Canaccord Genuity Group initiated coverage on shares of Tyra Biosciences (NASDAQ:TYRA - Get Free Report) in a research note issued to investors on Monday, MarketBeat Ratings reports. The brokerage set a "buy" rating and a $50.00 price target on the stock. Canaccord Genuity Group's target price suggests a potential upside of 26.23% from the stock's previous close.

Several other analysts also recently weighed in on the company. Jefferies Financial Group upped their price objective on Tyra Biosciences from $32.00 to $43.00 and gave the stock a "buy" rating in a research report on Tuesday, February 3rd. Cantor Fitzgerald began coverage on Tyra Biosciences in a research note on Tuesday, February 24th. They set an "overweight" rating for the company. William Blair initiated coverage on shares of Tyra Biosciences in a report on Tuesday, February 10th. They issued an "outperform" rating for the company. Wedbush raised their price target on shares of Tyra Biosciences from $37.00 to $53.00 and gave the company an "outperform" rating in a research note on Friday, February 13th. Finally, Wall Street Zen lowered shares of Tyra Biosciences from a "hold" rating to a "sell" rating in a report on Saturday, January 24th. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $45.43.

Tyra Biosciences Price Performance

Shares of NASDAQ:TYRA opened at $39.61 on Monday. Tyra Biosciences has a 1 year low of $6.42 and a 1 year high of $40.65. The stock has a market capitalization of $2.13 billion, a price-to-earnings ratio of -19.71 and a beta of 0.96. The company's 50 day simple moving average is $33.72 and its 200 day simple moving average is $24.75.

Tyra Biosciences (NASDAQ:TYRA - Get Free Report) last released its earnings results on Monday, March 2nd. The company reported ($0.57) earnings per share for the quarter, missing the consensus estimate of ($0.54) by ($0.03). As a group, analysts anticipate that Tyra Biosciences will post -1.57 EPS for the current fiscal year.

Insiders Place Their Bets

In other Tyra Biosciences news, Director Gilla Kaplan sold 14,295 shares of the company's stock in a transaction dated Wednesday, March 25th. The stock was sold at an average price of $36.97, for a total value of $528,486.15. Following the completion of the transaction, the director owned 28,231 shares of the company's stock, valued at $1,043,700.07. This represents a 33.61% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 15.20% of the stock is owned by corporate insiders.

Institutional Trading of Tyra Biosciences

A number of hedge funds have recently made changes to their positions in the company. Federated Hermes Inc. raised its holdings in Tyra Biosciences by 586.3% in the 3rd quarter. Federated Hermes Inc. now owns 2,155 shares of the company's stock valued at $30,000 after buying an additional 1,841 shares during the last quarter. Caitong International Asset Management Co. Ltd bought a new stake in Tyra Biosciences during the 4th quarter worth approximately $51,000. Chung Wu Investment Group LLC bought a new position in shares of Tyra Biosciences during the fourth quarter valued at $53,000. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Tyra Biosciences by 25.9% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,594 shares of the company's stock valued at $68,000 after acquiring an additional 534 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Tyra Biosciences by 14.5% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,182 shares of the company's stock worth $126,000 after purchasing an additional 1,668 shares during the period. 84.14% of the stock is owned by institutional investors and hedge funds.

Tyra Biosciences Company Profile

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.

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