Tyra Biosciences (NASDAQ:TYRA) Issues Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Key Points

• Tyra Biosciences reported earnings of ($0.47) EPS for the quarter, surpassing analyst expectations of ($0.53) by $0.06.
• The company's stock is currently trading at $10.70, down 0.5% from the previous day, with a market cap of $568.06 million.
• Tyra Biosciences has received positive ratings from analysts, holding an average rating of "Buy" and a consensus price target of $30.83.

Tyra Biosciences (NASDAQ:TYRA - Get Free Report) issued its earnings results on Thursday. The company reported ($0.47) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.53) by $0.06, Zacks reports.

Tyra Biosciences Stock Performance

TYRA traded down $0.33 during mid-day trading on Tuesday, reaching $10.48. The stock had a trading volume of 124,900 shares, compared to its average volume of 301,341. Tyra Biosciences has a 52 week low of $6.42 and a 52 week high of $29.60. The stock has a market capitalization of $556.38 million, a P/E ratio of -5.93 and a beta of 1.08. The firm's fifty day simple moving average is $10.34 and its two-hundred day simple moving average is $10.34.

Analyst Upgrades and Downgrades

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

Insider Activity

In other news, Director Gilla Kaplan sold 30,000 shares of the firm's stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $10.31, for a total value of $309,300.00. Following the transaction, the director directly owned 59,623 shares in the company, valued at $614,713.13. This trade represents a 33.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In the last 90 days, insiders sold 61,392 shares of company stock valued at $628,358. 15.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in TYRA. Commodore Capital LP boosted its position in shares of Tyra Biosciences by 226.3% in the 2nd quarter. Commodore Capital LP now owns 3,100,000 shares of the company's stock worth $29,667,000 after purchasing an additional 2,150,000 shares during the last quarter. Balyasny Asset Management L.P. raised its stake in Tyra Biosciences by 139.8% during the 2nd quarter. Balyasny Asset Management L.P. now owns 583,386 shares of the company's stock worth $5,583,000 after buying an additional 340,142 shares during the period. Bank of America Corp DE raised its stake in Tyra Biosciences by 346.6% during the 2nd quarter. Bank of America Corp DE now owns 372,967 shares of the company's stock worth $3,569,000 after buying an additional 289,446 shares during the period. Woodline Partners LP acquired a new stake in Tyra Biosciences during the 1st quarter worth $931,000. Finally, Millennium Management LLC raised its stake in Tyra Biosciences by 28.2% during the 1st quarter. Millennium Management LLC now owns 404,165 shares of the company's stock worth $3,759,000 after buying an additional 89,024 shares during the period. 84.14% of the stock is currently owned by institutional investors.

About Tyra Biosciences

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.