Tyra Biosciences (NASDAQ:TYRA) Stock Price Up 5.6% - Still a Buy?

Key Points

• Tyra Biosciences shares rose 5.6% to about $23.24 in midday trading, although volume was 77% below the average session level.
• The Phase II SURF302 trial provided proof of concept for dabogratinib in bladder cancer and identified a 60 mg daily dose for registrational studies, but weaker-than-expected responses and adverse events have raised investor concerns.
• Analysts remain broadly positive, with 11 Buy ratings and an average price target of $47.88, though targets range widely and one firm maintains a Sell rating; institutional investors own 84.14% of the stock.

Tyra Biosciences, Inc. (NASDAQ:TYRA - Get Free Report)'s stock price shot up 5.6% during mid-day trading on Thursday . The stock traded as high as $22.75 and last traded at $23.2390. 207,790 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 898,715 shares. The stock had previously closed at $22.01.

Key Headlines Impacting Tyra Biosciences

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

• Positive Sentiment: Tyra said the Phase II SURF302 study delivered clinical proof of concept in low-grade, intermediate-risk non-muscle-invasive bladder cancer and identified a 60 mg once-daily dose for planned registrational studies. Tyra announces initial data from Phase II SURF302 trial of dabogratinib
• Positive Sentiment: Wedbush reaffirmed its “outperform” rating and assigned a $53 price target, implying substantial upside from recent trading levels. The firm’s stance suggests confidence in dabogratinib’s longer-term development potential. Wedbush reaffirms outperform rating
• Neutral Sentiment: HC Wainwright maintained a “buy” rating but reduced its price target from $45 to $30, reflecting a more cautious view of the drug’s near-term prospects while retaining a bullish overall recommendation. HC Wainwright lowers Tyra price target
• Negative Sentiment: Investors viewed the bladder-cancer response data as weaker than expected, and reports highlighted adverse events among some patients. The results led to a significant selloff despite Tyra’s plans to advance dabogratinib into pivotal testing. Tyra shares slip as bladder cancer responses fall short of investor expectations

Analysts Set New Price Targets

Several brokerages have recently weighed in on TYRA. Bank of America increased their price objective on shares of Tyra Biosciences from $37.00 to $42.00 and gave the stock a "buy" rating in a research note on Wednesday, June 10th. Piper Sandler reiterated an "overweight" rating and set a $56.00 price target on shares of Tyra Biosciences in a research note on Tuesday. Cantor Fitzgerald reissued an "overweight" rating on shares of Tyra Biosciences in a research report on Thursday. Weiss Ratings restated a "sell (d-)" rating on shares of Tyra Biosciences in a research note on Friday, July 17th. Finally, JonesTrading began coverage on Tyra Biosciences in a report on Wednesday, June 17th. They issued a "buy" rating and a $56.00 target price on the stock. Eleven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Tyra Biosciences currently has an average rating of "Moderate Buy" and an average target price of $47.88.

Tyra Biosciences Stock Up 1.3%

The stock has a market cap of $1.33 billion, a PE ratio of -9.28 and a beta of 0.73. The firm's fifty day moving average price is $28.70 and its 200 day moving average price is $31.97.

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Jupiter Topco LLC purchased a new stake in Tyra Biosciences in the 2nd quarter worth about $139,161,000. Janus Henderson Group PLC raised its holdings in shares of Tyra Biosciences by 32.5% in the first quarter. Janus Henderson Group PLC now owns 3,890,589 shares of the company's stock worth $148,867,000 after buying an additional 955,147 shares during the period. Commodore Capital LP lifted its stake in shares of Tyra Biosciences by 226.3% during the 2nd quarter. Commodore Capital LP now owns 3,100,000 shares of the company's stock worth $29,667,000 after acquiring an additional 2,150,000 shares during the last quarter. BlackRock Inc. purchased a new position in Tyra Biosciences during the 2nd quarter valued at $96,841,000. Finally, Farallon Capital Management LLC boosted its holdings in Tyra Biosciences by 80.7% during the 4th quarter. Farallon Capital Management LLC now owns 2,066,818 shares of the company's stock valued at $54,337,000 after acquiring an additional 923,000 shares during the period. Institutional investors own 84.14% of the company's stock.

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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