Tyra Biosciences (NASDAQ:TYRA) Shares Gap Up Following Strong Earnings

Key Points

• Tyra Biosciences' shares gapped up from a previous close of $10.70 to an opening price of $11.25 on Friday, with trading volumes reaching 70,626 shares.
• Analysts have a consensus "Buy" rating for the stock, with Piper Sandler setting a price target of $33.00 and HC Wainwright at $30.00.
• Insider trading activity shows that Director Gilla Kaplan sold 30,000 shares at $10.31, which was a 33.47% decrease in their position, as insiders sold a total of 61,392 shares recently.

Shares of Tyra Biosciences, Inc. (NASDAQ:TYRA - Get Free Report) gapped up prior to trading on Friday following a better than expected earnings announcement. The stock had previously closed at $10.70, but opened at $11.25. Tyra Biosciences shares last traded at $11.32, with a volume of 70,626 shares traded.

The company reported ($0.47) EPS for the quarter, topping the consensus estimate of ($0.53) by $0.06.

Analyst Upgrades and Downgrades

TYRA has been the topic of several analyst reports. Piper Sandler initiated coverage on Tyra Biosciences in a research report on Wednesday, May 21st. They issued an "overweight" rating and a $33.00 target price on the stock. HC Wainwright reaffirmed a "buy" rating and issued a $30.00 target price on shares of Tyra Biosciences in a research report on Tuesday, July 1st. Six equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $30.83.

Insiders Place Their Bets

In other Tyra Biosciences news, Director Gilla Kaplan sold 9,568 shares of Tyra Biosciences stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $9.78, for a total transaction of $93,575.04. Following the sale, the director owned 28,231 shares of the company's stock, valued at $276,099.18. The trade was a 25.31% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last 90 days, insiders sold 61,392 shares of company stock worth $628,358. 15.20% of the stock is owned by insiders.

Institutional Trading of Tyra Biosciences

Several hedge funds have recently added to or reduced their stakes in TYRA. Wells Fargo & Company MN raised its stake in Tyra Biosciences by 51.7% during the 4th quarter. Wells Fargo & Company MN now owns 9,493 shares of the company's stock valued at $132,000 after acquiring an additional 3,236 shares in the last quarter. Russell Investments Group Ltd. raised its stake in shares of Tyra Biosciences by 130,587.5% in the 4th quarter. Russell Investments Group Ltd. now owns 10,455 shares of the company's stock worth $145,000 after buying an additional 10,447 shares in the last quarter. Renaissance Technologies LLC bought a new stake in shares of Tyra Biosciences in the 4th quarter worth $404,000. Raymond James Financial Inc. bought a new stake in shares of Tyra Biosciences in the 4th quarter worth $761,000. Finally, Barclays PLC raised its stake in shares of Tyra Biosciences by 14.5% in the 4th quarter. Barclays PLC now owns 43,070 shares of the company's stock worth $599,000 after buying an additional 5,445 shares in the last quarter. Institutional investors own 84.14% of the company's stock.

Tyra Biosciences Stock Performance

The stock has a 50 day moving average price of $10.33 and a 200 day moving average price of $10.34. The company has a market cap of $541.52 million, a P/E ratio of -5.73 and a beta of 1.08.

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.