On Wednesday, H.C. Wainwright reaffirmed its Buy rating and $23.00 price target for NASDAQ:TYRA stock, following the company's presentation of preclinical data on TYRA-300, a therapeutic candidate for hypochondroplasia (HCH). The announcement was made at the Annual Achondroplasia & Skeletal Dysplasia Research Conference (Pharmachon 2024) held in Baltimore.
Tyra Biosciences showcased promising preclinical proof-of-concept data for TYRA-300, which was tested in a mouse model for its effects on bone growth. The treatment, administered for 21 days, led to significant increases in long bone length and skull size in mice with FGFR3 mutation compared to those treated with a vehicle. Notable improvements were observed in the femur, tibia, humerus, and ulna, as well as in the size of the foramen magnum.
The study also confirmed TYRA-300's selective binding to the FGFR3 N540K altered protein and its selectivity for the FGFR3 isoform over others. This specificity is crucial for the treatment of skeletal dysplasia conditions like HCH.
The data presented adds to the body of evidence supporting the efficacy of TYRA-300, which includes previous studies on achondroplasia (ACH) and comparisons to infigratinib, a similar treatment developed by competitor BridgeBio.
H.C. Wainwright's reiteration of the Buy rating and price target for Tyra Biosciences reflects confidence in TYRA-300's potential as a treatment for HCH. The firm underscores the significance of the new preclinical work, which further mitigates the risk associated with the therapeutic candidate's development. The positive findings from the recent conference support the ongoing research and development efforts for TYRA-300.
In other recent news, Tyra Biosciences has reported significant progress on its drug TYRA-300, a potential treatment for hypochondroplasia (HCH). The biotech firm's FGFR3 selective inhibitor demonstrated promising results in preclinical studies, showing an ability to increase long bone length and skull size in FGFR3 mutated mice. The company plans to submit an Investigational New Drug Application in the latter half of 2024 to initiate a Phase 2 clinical study in pediatric achondroplasia.
Additionally, Tyra Biosciences has undergone changes in its board of directors. The company recently welcomed Susan Moran, M.D., M.S.C.E., and S. Michael Rothenberg, M.D., Ph.D., as independent directors, following the resignation of Isan Chen, M.D. Both Moran and Rothenberg bring substantial experience in drug development, which is expected to be beneficial in advancing TYRA-300.
These recent developments reflect Tyra Biosciences' ongoing efforts to strengthen its board and advance its pipeline. The company continues to focus on the development of precision medicines for targeted oncology and genetically defined conditions.
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