Tyra Biosciences (NASDAQ:TYRA) Shares Down 3% - Here's Why

Shares of Tyra Biosciences, Inc. (NASDAQ:TYRA - Get Free Report) fell 3% during mid-day trading on Tuesday . The company traded as low as $10.08 and last traded at $10.29. 233,324 shares traded hands during mid-day trading, a decline of 20% from the average session volume of 293,047 shares. The stock had previously closed at $10.61.

Wall Street Analysts Forecast Growth

TYRA has been the subject of several research analyst reports. Piper Sandler initiated coverage on Tyra Biosciences in a report on Wednesday, May 21st. They issued an "overweight" rating and a $33.00 price objective for the company. Wedbush reaffirmed an "outperform" rating and issued a $30.00 price objective on shares of Tyra Biosciences in a report on Friday, March 28th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $30.00 price objective on shares of Tyra Biosciences in a report on Tuesday, July 1st. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $30.83.

Tyra Biosciences Stock Performance

The stock has a fifty day moving average of $9.97 and a 200 day moving average of $10.92. The company has a market capitalization of $587.18 million, a P/E ratio of -6.79 and a beta of 1.07.

Tyra Biosciences (NASDAQ:TYRA - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.47) EPS for the quarter, topping analysts' consensus estimates of ($0.49) by $0.02. Research analysts anticipate that Tyra Biosciences, Inc. will post -1.57 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Gilla Kaplan sold 30,000 shares of the company's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $10.31, for a total value of $309,300.00. Following the completion of the transaction, the director owned 59,623 shares of the company's stock, valued at approximately $614,713.13. This represents a 33.47% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Over the last ninety days, insiders have sold 61,392 shares of company stock valued at $628,358. Corporate insiders own 15.20% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Raymond James Financial Inc. bought a new position in shares of Tyra Biosciences during the 4th quarter valued at about $761,000. KLP Kapitalforvaltning AS bought a new position in shares of Tyra Biosciences during the 4th quarter valued at about $31,000. EntryPoint Capital LLC bought a new position in shares of Tyra Biosciences during the 4th quarter valued at about $253,000. Pictet Asset Management Holding SA purchased a new stake in shares of Tyra Biosciences during the 4th quarter valued at about $4,921,000. Finally, Wellington Management Group LLP raised its position in shares of Tyra Biosciences by 4.4% during the 4th quarter. Wellington Management Group LLP now owns 94,859 shares of the company's stock valued at $1,319,000 after buying an additional 4,034 shares in the last quarter. Institutional investors own 84.14% of the company's stock.

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.