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 restated by stock analysts at HC Wainwright in a report released on Friday,Benzinga reports. They currently have a $30.00 price target on the stock. HC Wainwright's price objective indicates a potential upside of 156.19% from the company's current price.

Separately, Piper Sandler began 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 analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $30.83.

Tyra Biosciences Price Performance

Shares of Tyra Biosciences stock traded up $0.01 during trading on Friday, hitting $11.71. 242,316 shares of the stock were exchanged, compared to its average volume of 206,823. The stock has a market cap of $624.14 million, a price-to-earnings ratio of -6.58 and a beta of 1.08. The firm's 50-day moving average price is $10.38 and its 200 day moving average price is $10.27. Tyra Biosciences has a 12-month low of $6.42 and a 12-month high of $29.60.

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

Insider Buying and Selling at Tyra Biosciences

In other news, Director Gilla Kaplan sold 9,568 shares of the business's stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $9.78, for a total transaction of $93,575.04. Following the completion of the sale, the director owned 28,231 shares in the company, valued at approximately $276,099.18. The trade was a 25.31% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In the last ninety days, insiders have sold 61,392 shares of company stock worth $628,358. 15.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Tyra Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wells Fargo & Company MN raised its position in Tyra Biosciences by 51.7% in the 4th quarter. Wells Fargo & Company MN now owns 9,493 shares of the company's stock valued at $132,000 after purchasing an additional 3,236 shares during the last quarter. Russell Investments Group Ltd. raised its position in Tyra Biosciences by 130,587.5% in the 4th quarter. Russell Investments Group Ltd. now owns 10,455 shares of the company's stock valued at $145,000 after purchasing an additional 10,447 shares during the last quarter. Renaissance Technologies LLC purchased a new stake in Tyra Biosciences in the 4th quarter valued at $404,000. Raymond James Financial Inc. purchased a new stake in Tyra Biosciences in the 4th quarter valued at $761,000. Finally, Barclays PLC raised its position in Tyra Biosciences by 14.5% in the 4th quarter. Barclays PLC now owns 43,070 shares of the company's stock valued at $599,000 after purchasing an additional 5,445 shares during the last quarter. 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.