HC Wainwright Reaffirms "Buy" Rating for Tyra Biosciences (NASDAQ:TYRA)

Key Points

• HC Wainwright reaffirmed a buy rating on Tyra Biosciences (NASDAQ:TYRA) with a price target of $30.00, suggesting a potential upside of 156.41%.
• Tyra Biosciences' stock increased by 14.3%, reaching $11.70, after the release of quarterly earnings that beat consensus estimates.
• Institutional investors own 84.14% of Tyra Biosciences' stock, indicating substantial backing from larger financial firms.

Tyra Biosciences (NASDAQ:TYRA - Get Free Report)'s stock had its "buy" rating reaffirmed by HC Wainwright in a research note issued on Friday,Benzinga reports. They presently have a $30.00 target price on the stock. HC Wainwright's price target would suggest a potential upside of 137.53% from the company's current price.

Separately, Piper Sandler initiated coverage on shares of Tyra Biosciences in a report on Wednesday, May 21st. They issued an "overweight" rating and a $33.00 price target on the stock. Six research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $30.83.

Tyra Biosciences Trading Down 0.1%

NASDAQ:TYRA traded down $0.01 during trading hours on Friday, hitting $12.63. 79,125 shares of the company were exchanged, compared to its average volume of 301,619. The company has a fifty day simple moving average of $10.48 and a 200 day simple moving average of $10.28. Tyra Biosciences has a one year low of $6.42 and a one year high of $29.60. The stock has a market capitalization of $673.18 million, a price-to-earnings ratio of -7.10 and a beta of 1.08.

Tyra Biosciences (NASDAQ:TYRA - Get Free Report) last issued its quarterly earnings data on Thursday, August 14th. The company reported ($0.47) EPS for the quarter, topping analysts' consensus estimates of ($0.53) by $0.06. Equities research analysts predict that Tyra Biosciences will post -1.57 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Gilla Kaplan sold 9,568 shares of the 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 directly owned 28,231 shares of the company's stock, valued at $276,099.18. This represents a 25.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last 90 days, insiders have sold 61,392 shares of company stock worth $628,358. 15.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Tyra Biosciences

Several large investors have recently bought and sold shares of the business. BNP Paribas Financial Markets acquired a new position in Tyra Biosciences in the 4th quarter valued at about $60,000. RA Capital Management L.P. raised its position in shares of Tyra Biosciences by 2.1% in the fourth quarter. RA Capital Management L.P. now owns 10,637,290 shares of the company's stock valued at $147,858,000 after buying an additional 220,681 shares during the last quarter. Two Sigma Advisers LP acquired a new position in shares of Tyra Biosciences in the fourth quarter valued at approximately $171,000. Deutsche Bank AG grew its holdings in Tyra Biosciences by 52.0% in the fourth quarter. Deutsche Bank AG now owns 18,909 shares of the company's stock valued at $263,000 after purchasing an additional 6,466 shares during the period. Finally, Bank of America Corp DE grew its stake in Tyra Biosciences by 21.7% during the fourth quarter. Bank of America Corp DE now owns 66,157 shares of the company's stock worth $920,000 after buying an additional 11,804 shares during the period. Hedge funds and other institutional investors own 84.14% of the company's stock.

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.