BofA Securities has shifted its stance on Tyra Biosciences (NASDAQ: TYRA), elevating the stock from Neutral to Buy and increasing the price target to $31 from the previous $22.
The upgrade is based on the anticipation of clinical data expected to be presented next week on October 25th at the European Neoantigen Summit (ENA). The phase 1/2 SURF-301 study will showcase Tyra Biosciences' FGFR3-inhibitor TYRA-300, a potential treatment for urothelial carcinoma (UC) and other solid tumors.
The analyst notes that Tyra Biosciences' shares have outperformed this year, with a year-to-date increase of 89% compared to the 10% rise in the Nasdaq Biotechnology Index (NBI).
The upcoming clinical data is garnering interest as it promises to offer a first look at the drug's efficacy and safety profile. The current standard set by Johnson & Johnson's FGF inhibitor, erdafitinib, has been criticized for poor tolerability, suggesting a lower bar for TYRA-300 in terms of safety over efficacy.
The new price objective reflects this optimism and the potential for stock value increase should the clinical data prove favorable. The specifics of what KOLs are looking for in the SURF-301 study have been detailed in Exhibit 1, as per the analyst's commentary.
In other recent news, Tyra Biosciences' lead drug, TYRA-300, is making significant strides in clinical development. The company is set to present initial data from a Phase 1/2 study at the EORTC-NCI-AACR Symposium, with expectations for a favorable safety and tolerability profile. Analyst firms Piper Sandler, H.C. Wainwright, and Oppenheimer have shown confidence in Tyra Biosciences' potential, with price targets set at $33 and $30 respectively.
Tyra Biosciences is also preparing to present research findings at the ENA 2024 symposium, including preliminary safety and anti-tumor activity of TYRA-300. The company's revenue is projected to grow to approximately $2.5 billion by 2035, according to Piper Sandler's estimates.
In addition, H.C. Wainwright raised the price target for Tyra Biosciences shares to $30.00, maintaining a Buy rating based on the anticipation of TYRA-300's clinical data. The company's TYRA-300 drug is expected to advance to Phase 2 clinical study for achondroplasia and non-muscle invasive bladder cancer by the end of 2024 and the first half of 2025, respectively.
Lastly, Tyra Biosciences has seen significant developments with the appointment of Doug Warner as its new Chief Medical Officer and the addition of Susan Moran, M.D., M.S.C.E., and S. Michael Rothenberg, M.D., Ph.D., to its board as independent directors.
InvestingPro Insights
Tyra Biosciences' recent stock upgrade aligns with several key metrics from InvestingPro. The company's stock has shown remarkable performance, with a 79.17% price total return over the past year and an impressive 87.58% year-to-date return. This strong momentum is reflected in InvestingPro Tips, which highlight the stock's "significant return over the last week" and "strong return over the last three months."
The company's financial health appears solid, with InvestingPro data showing that Tyra holds more cash than debt on its balance sheet, and its liquid assets exceed short-term obligations. This financial stability could provide the company with the flexibility needed to advance its clinical programs, including the promising TYRA-300.
However, investors should note that Tyra is not currently profitable, with a negative EBITDA of -$95.02 million for the last twelve months. This aligns with the InvestingPro Tip indicating that analysts do not anticipate the company to be profitable this year. Despite this, the market seems optimistic about Tyra's potential, as evidenced by its trading near its 52-week high, with the current price at 95.6% of the 52-week high.
For those interested in a deeper analysis, InvestingPro offers 11 additional tips for Tyra Biosciences, providing a more comprehensive view of the company's financial position and market performance.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.