Tyra Biosciences (NASDAQ:TYRA) Trading Down 6.7% on Analyst Downgrade

Key Points

• Tyra Biosciences fell 6.7% to approximately $23.87 after HC Wainwright cut its price target from $30 to $29, while maintaining a Buy rating. Trading volume was about 83% below the stock’s average session volume.
• Analyst sentiment remains broadly positive: 12 analysts rate the stock Buy, one rates it Hold, and one rates it Sell. The consensus is Moderate Buy, with an average price target of $46.89.
• Institutional ownership stands at 84.14%, with major investors including Jupiter Topco, BlackRock, and Janus Henderson. Tyra recently missed quarterly EPS expectations and analysts project a full-year loss of $2.73 per share.

Tyra Biosciences, Inc. (NASDAQ:TYRA - Get Free Report) was down 6.7% during mid-day trading on Wednesday after HC Wainwright lowered their price target on the stock from $30.00 to $29.00. HC Wainwright currently has a buy rating on the stock. Tyra Biosciences traded as low as $24.20 and last traded at $23.8660. 160,969 shares changed hands during mid-day trading, a decline of 83% from the average session volume of 926,430 shares. The stock had previously closed at $25.57.

Several other equities research analysts have also recently weighed in on the stock. JonesTrading started coverage on shares of Tyra Biosciences in a research note on Wednesday, June 17th. They issued a "buy" rating and a $56.00 target price for the company. Wedbush reaffirmed an "outperform" rating and issued a $53.00 price target on shares of Tyra Biosciences in a report on Thursday, September 10th. Piper Sandler reissued an "overweight" rating and set a $56.00 price objective on shares of Tyra Biosciences in a report on Tuesday, September 8th. Weiss Ratings restated a "sell (d-)" rating on shares of Tyra Biosciences in a research report on Friday, July 17th. Finally, Cantor Fitzgerald restated an "overweight" rating on shares of Tyra Biosciences in a research note on Thursday, September 10th. Twelve equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $46.89.

Institutional Investors Weigh In On Tyra Biosciences

Large investors have recently modified their holdings of the stock. Jupiter Topco LLC bought a new stake in Tyra Biosciences in the second quarter valued at $139,161,000. BlackRock Inc. bought a new stake in shares of Tyra Biosciences in the 2nd quarter worth about $96,841,000. 5AM Venture Management LLC bought a new stake in shares of Tyra Biosciences in the 2nd quarter worth about $32,875,778. Janus Henderson Group PLC increased its position in shares of Tyra Biosciences by 32.5% during the 1st quarter. Janus Henderson Group PLC now owns 3,890,589 shares of the company's stock worth $148,867,000 after purchasing an additional 955,147 shares in the last quarter. Finally, Jennison Associates LLC acquired a new stake in shares of Tyra Biosciences during the 1st quarter worth about $24,222,000. 84.14% of the stock is currently owned by institutional investors.

Tyra Biosciences Trading Down 6.7%

The stock has a market capitalization of $1.42 billion, a P/E ratio of -10.00 and a beta of 0.73. The firm's fifty day moving average is $27.38 and its 200-day moving average is $31.41.

Tyra Biosciences (NASDAQ:TYRA - Get Free Report) last posted its quarterly earnings data on Tuesday, August 4th. The company reported ($0.69) earnings per share for the quarter, missing the consensus estimate of ($0.65) by ($0.04). Equities research analysts expect that Tyra Biosciences, Inc. will post -2.73 EPS for the current year.

Tyra Biosciences Company Profile

Tyra Biosciences, Inc is a clinical-stage biotechnology company focused on developing precision medicines for diseases with limited treatment options. The company uses its proprietary SNÅP platform to design small-molecule therapies intended to selectively target disease-driving genetic alterations while addressing resistance mechanisms that can reduce the effectiveness of existing treatments.

Tyra's lead programs are directed at fibroblast growth factor receptor (FGFR) biology. TYRA-300 is an oral, selective FGFR3 inhibitor being developed for conditions including FGFR3-altered urothelial cancer and achondroplasia, a genetic skeletal disorder.

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