Tyra Biosciences (NASDAQ:TYRA) Stock Price Up 5.7% - Should You Buy?

Tyra Biosciences, Inc. (NASDAQ:TYRA - Get Free Report)'s stock price shot up 5.7% on Wednesday . The stock traded as high as $10.74 and last traded at $10.71. 33,509 shares traded hands during trading, a decline of 90% from the average session volume of 321,444 shares. The stock had previously closed at $10.13.

Analyst Ratings Changes

Several equities research analysts recently commented on TYRA shares. HC Wainwright reissued a "buy" rating and issued a $30.00 price target on shares of Tyra Biosciences in a research note on Tuesday, July 1st. Wedbush reissued an "outperform" rating and issued a $30.00 price target on shares of Tyra Biosciences in a research note on Friday, March 28th. Finally, Piper Sandler started coverage on Tyra Biosciences in a research note on Wednesday, May 21st. They issued an "overweight" rating and a $33.00 price target for the company. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $30.83.

Tyra Biosciences Price Performance

The company has a market capitalization of $551.61 million, a price-to-earnings ratio of -6.37 and a beta of 1.07. The business has a fifty day moving average price of $9.89 and a 200 day moving average price of $11.09.

Tyra Biosciences (NASDAQ:TYRA - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.47) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.49) by $0.02. As a group, sell-side analysts predict that Tyra Biosciences, Inc. will post -1.57 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Gilla Kaplan sold 9,568 shares of the 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 in the company, valued at approximately $276,099.18. This represents a 25.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 61,392 shares of company stock valued at $628,358 in the last quarter. Corporate insiders own 15.20% of the company's stock.

Hedge Funds Weigh In On Tyra Biosciences

Several large investors have recently made changes to their positions in the company. KLP Kapitalforvaltning AS acquired a new position in Tyra Biosciences in the fourth quarter valued at about $31,000. US Bancorp DE lifted its stake 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 buying an additional 1,823 shares during the period. BNP Paribas Financial Markets acquired a new position in Tyra Biosciences in the fourth quarter valued at about $60,000. Aquatic Capital Management LLC acquired a new position in Tyra Biosciences in the fourth quarter valued at about $64,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in Tyra Biosciences in the first quarter valued at about $84,000. Institutional investors and hedge funds own 84.14% of the company's stock.

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.