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.

Tyra Biosciences, Inc. (NASDAQ:TYRA - Get Free Report)'s share price gapped up before the market opened on Friday after the company announced better than expected quarterly earnings. 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.

The company reported ($0.47) EPS for the quarter, beating analysts' consensus estimates of ($0.53) by $0.06.

Analysts Set New Price Targets

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

Insider Transactions at Tyra Biosciences

In other Tyra Biosciences news, Director Gilla Kaplan sold 30,000 shares of the stock in a transaction that occurred 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 owned 59,623 shares in the company, valued at approximately $614,713.13. This represents a 33.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 61,392 shares of company stock valued at $628,358 in the last 90 days. 15.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in TYRA. US Bancorp DE boosted its holdings in Tyra Biosciences by 50.5% in the first quarter. US Bancorp DE now owns 5,435 shares of the company's stock worth $51,000 after acquiring an additional 1,823 shares in the last quarter. BNP Paribas Financial Markets bought a new position in Tyra Biosciences in the fourth quarter worth approximately $60,000. Aquatic Capital Management LLC bought a new position in Tyra Biosciences in the fourth quarter worth approximately $64,000. Zurcher Kantonalbank Zurich Cantonalbank bought a new position in Tyra Biosciences in the first quarter worth approximately $84,000. Finally, Exchange Traded Concepts LLC boosted its holdings in Tyra Biosciences by 42.7% in the first quarter. Exchange Traded Concepts LLC now owns 11,861 shares of the company's stock worth $110,000 after acquiring an additional 3,550 shares in the last quarter. Institutional investors own 84.14% of the company's stock.

Tyra Biosciences Price Performance

The firm has a fifty day simple moving average of $10.33 and a 200-day simple moving average of $10.34. The firm has a market cap of $543.64 million, a P/E ratio of -5.75 and a beta of 1.08.

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.