Tyra Biosciences (NASDAQ:TYRA) Shares Up 5% - Here's Why

Key Points

• Tyra Biosciences shares rose about 5% in Friday trading, touching an intraday high of $33.12 before last trading at $33.18. Trading volume was far below average, with about 130,578 shares changing hands versus a 942,716-share daily average.
• Recent analyst actions were mostly positive, including price target boosts from Bank of America and Piper Sandler and buy ratings from several firms. The stock currently carries a consensus Moderate Buy rating with an average target price of $47.00.
• The company remains unprofitable and recently missed earnings expectations, reporting a quarterly loss of $0.64 per share versus estimates for a $0.60 loss. Institutional ownership is high, with hedge funds and other investors holding 84.14% of the shares.

Tyra Biosciences, Inc. (NASDAQ:TYRA - Get Free Report) shares were up 5% during trading on Friday . The company traded as high as $33.12 and last traded at $33.18. 130,578 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 942,716 shares. The stock had previously closed at $31.61.

Analyst Ratings Changes

Several equities analysts have recently commented on the company. Bank of America upped their target price on Tyra Biosciences from $37.00 to $42.00 and gave the company a "buy" rating in a research report on Wednesday, June 10th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Tyra Biosciences in a report on Monday, April 20th. Canaccord Genuity Group initiated coverage on Tyra Biosciences in a report on Monday, April 6th. They set a "buy" rating and a $50.00 target price for the company. Wolfe Research started coverage on shares of Tyra Biosciences in a research report on Tuesday, May 19th. They issued a "peer perform" rating for the company. Finally, Piper Sandler upped their price target on shares of Tyra Biosciences from $42.00 to $56.00 and gave the company an "overweight" rating in a research note on Friday, March 20th. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $47.00.

Tyra Biosciences Stock Up 3.9%

The firm has a 50 day moving average of $31.20 and a two-hundred day moving average of $32.39. The firm has a market capitalization of $1.95 billion, a price-to-earnings ratio of -15.02 and a beta of 0.76.

Tyra Biosciences (NASDAQ:TYRA - Get Free Report) last posted its earnings results on Wednesday, May 13th. The company reported ($0.64) EPS for the quarter, missing analysts' consensus estimates of ($0.60) by ($0.04). Sell-side analysts forecast that Tyra Biosciences, Inc. will post -2.68 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of TYRA. Millennium Management LLC lifted its stake in shares of Tyra Biosciences by 28.2% in the 1st quarter. Millennium Management LLC now owns 404,165 shares of the company's stock valued at $3,759,000 after purchasing an additional 89,024 shares during the period. Goldman Sachs Group Inc. increased its holdings in Tyra Biosciences by 21.7% in the first quarter. Goldman Sachs Group Inc. now owns 78,006 shares of the company's stock worth $725,000 after purchasing an additional 13,896 shares in the last quarter. Woodline Partners LP acquired a new position in Tyra Biosciences in the first quarter valued at approximately $931,000. Jane Street Group LLC acquired a new position in Tyra Biosciences in the first quarter valued at approximately $324,000. Finally, Geode Capital Management LLC boosted its holdings in shares of Tyra Biosciences by 9.8% during the 2nd quarter. Geode Capital Management LLC now owns 567,126 shares of the company's stock worth $5,428,000 after buying an additional 50,836 shares in the last quarter. Institutional investors and hedge funds own 84.14% of the company's stock.

Tyra Biosciences Company Profile

Tyra Biosciences NASDAQ: TYRA is a clinical-stage precision oncology company focused on the discovery and development of small-molecule therapies for genetically defined cancers. The company integrates bioinformatics, molecular biology and medicinal chemistry to identify oncogenic drivers and design targeted inhibitors. By leveraging large-scale genomic datasets and functional screening, Tyra Biosciences aims to advance therapies that address patient populations with high unmet medical need.

The company's pipeline includes multiple programs at various stages of development, each directed against distinct molecular vulnerabilities in cancer cells.

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