Tyra Biosciences (NASDAQ:TYRA) Stock Price Down 6% - Time to Sell?

Tyra Biosciences, Inc. (NASDAQ:TYRA - Get Free Report) dropped 6% during mid-day trading on Thursday . The company traded as low as $9.67 and last traded at $9.65. Approximately 60,674 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 269,752 shares. The stock had previously closed at $10.26.

Wall Street Analysts Forecast Growth

TYRA has been the subject of a number of research analyst reports. HC Wainwright reissued a "buy" rating and issued a $30.00 target price on shares of Tyra Biosciences in a research report on Monday, March 31st. Piper Sandler started coverage on Tyra Biosciences in a research note on Wednesday, May 21st. They set an "overweight" rating and a $33.00 price objective for the company. Finally, Wedbush reaffirmed an "outperform" rating and set a $30.00 price objective on shares of Tyra Biosciences in a research note on Friday, March 28th. Six analysts have rated the stock with a buy rating, According to MarketBeat.com, Tyra Biosciences has an average rating of "Buy" and an average target price of $30.83.

Tyra Biosciences Trading Up 3.7%

The stock has a market capitalization of $560.10 million, a PE ratio of -6.55 and a beta of 1.07. The firm has a 50 day moving average of $9.31 and a two-hundred day moving average of $12.17.

Tyra Biosciences (NASDAQ:TYRA - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.47) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.49) by $0.02. Equities research analysts forecast that Tyra Biosciences, Inc. will post -1.57 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Rhumbline Advisers boosted its holdings in Tyra Biosciences by 4.1% in the fourth quarter. Rhumbline Advisers now owns 26,202 shares of the company's stock valued at $364,000 after acquiring an additional 1,027 shares during the last quarter. American Century Companies Inc. raised its position in Tyra Biosciences by 5.8% in the first quarter. American Century Companies Inc. now owns 23,431 shares of the company's stock valued at $218,000 after purchasing an additional 1,289 shares during the period. US Bancorp DE raised its position in Tyra Biosciences by 50.5% in the first quarter. US Bancorp DE now owns 5,435 shares of the company's stock valued at $51,000 after purchasing an additional 1,823 shares during the period. KLP Kapitalforvaltning AS purchased a new position in Tyra Biosciences in the fourth quarter valued at about $31,000. Finally, Bank of New York Mellon Corp raised its position in Tyra Biosciences by 5.2% in the fourth quarter. Bank of New York Mellon Corp now owns 45,007 shares of the company's stock valued at $626,000 after purchasing an additional 2,221 shares during the period. Institutional investors and hedge funds 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.