Tyra Biosciences, Inc. (NASDAQ:TYRA) Sees Significant Growth in Short Interest

Key Points

• Tyra Biosciences experienced a dramatic increase in short interest, rising by 22,692.5% in July, reaching a total of 6,040,000 shares.
• Director Gilla Kaplan sold 30,000 shares at $10.31, reducing her stake by 33.47%; insiders sold a total of 61,392 shares valued at $628,358 last quarter.
• Several analysts reaffirmed a "buy" rating for Tyra Biosciences, with target prices ranging from $30.00 to $33.00, and the stock currently holds a consensus target price of $30.83.

Tyra Biosciences, Inc. (NASDAQ:TYRA - Get Free Report) was the target of a large increase in short interest in July. As of July 15th, there was short interest totaling 6,040,000 shares, anincreaseof22,692.5% from the June 30th total of 26,500 shares. Currently,18.5% of the company's stock are sold short. Based on an average daily volume of 329,100 shares, the days-to-cover ratio is currently 18.4 days. Based on an average daily volume of 329,100 shares, the days-to-cover ratio is currently 18.4 days. Currently,18.5% of the company's stock are sold short.

Analysts Set New Price Targets

TYRA has been the topic of a number of recent analyst reports. HC Wainwright restated a "buy" rating and issued a $30.00 target price on shares of Tyra Biosciences in a research note on Tuesday, July 1st. Piper Sandler initiated coverage on shares of Tyra Biosciences in a research report on Wednesday, May 21st. They set an "overweight" rating and a $33.00 price objective for the company. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Tyra Biosciences presently has a consensus rating of "Buy" and a consensus price target of $30.83.

Insider Activity

In other news, Director Gilla Kaplan sold 9,568 shares of the company's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $9.78, for a total value of $93,575.04. Following the sale, the director owned 28,231 shares in the company, valued at approximately $276,099.18. This represents a 25.31% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last quarter, insiders have sold 61,392 shares of company stock valued at $628,358. Corporate insiders own 15.20% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. AlphaQuest LLC boosted its holdings in shares of Tyra Biosciences by 146.7% in the second quarter. AlphaQuest LLC now owns 73,073 shares of the company's stock valued at $699,000 after acquiring an additional 43,451 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new stake in Tyra Biosciences during the second quarter valued at approximately $177,000. Goldman Sachs Group Inc. lifted its stake in Tyra Biosciences by 21.7% during the first quarter. Goldman Sachs Group Inc. now owns 78,006 shares of the company's stock valued at $725,000 after purchasing an additional 13,896 shares during the last quarter. Rhumbline Advisers lifted its stake in Tyra Biosciences by 7.2% during the first quarter. Rhumbline Advisers now owns 28,081 shares of the company's stock valued at $261,000 after purchasing an additional 1,879 shares during the last quarter. Finally, Jane Street Group LLC acquired a new stake in Tyra Biosciences during the first quarter valued at approximately $324,000. Institutional investors own 84.14% of the company's stock.

Tyra Biosciences Stock Up 5.8%

NASDAQ TYRA traded up $0.62 on Tuesday, hitting $11.27. The stock had a trading volume of 74,436 shares, compared to its average volume of 311,663. Tyra Biosciences has a one year low of $6.42 and a one year high of $29.60. The stock has a market cap of $598.32 million, a price-to-earnings ratio of -6.93 and a beta of 1.08. The company's 50-day moving average is $10.12 and its two-hundred day moving average is $10.68.

Tyra Biosciences (NASDAQ:TYRA - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.47) EPS for the quarter, topping the consensus estimate of ($0.49) by $0.02. On average, sell-side analysts anticipate that Tyra Biosciences will post -1.57 earnings per share for the current year.

Tyra Biosciences Company Profile

Tyra Biosciences, Inc, a clinical-stage biotechnology company, develops precision medicines for fibroblast growth factor receptor (FGFR) biology in the United States. The company offers SNÅP, a precision medicine platform that enables drug design through iterative molecular snapshots to predict genetic alterations for developing therapies targeting oncology and genetically defined conditions.