Piper Sandler reaffirmed its Overweight rating on shares of Tyra Biosciences (NASDAQ:TYRA), with a steady price target of $33.00. The biopharmaceutical company, which specializes in creating selective FGFR inhibitors for oncology and rare disease indications, remains a focus for the firm following investor meetings held earlier in the week.
Tyra Biosciences' leading compound, TYRA-300, is in development to treat achondroplasia (ACH) and bladder cancer. Analysts at Piper Sandler highlight the compound's high selectivity for FGFR3, which is expected to circumvent the safety issues that current pan-FGFR inhibitors face. This selectivity could lead to enhanced target engagement and potentially establish TYRA-300 as a best-in-class treatment for ACH, surpassing the current standard of care, Voxzogo.
Expectations are set for early Phase 1 data in metastatic urothelial carcinoma (mUC) to be released within this year. Additionally, clinical programs for ACH and non-muscle invasive bladder cancer (NMIBC) are projected to commence by the end of 2024 and the first half of 2025, respectively.
The firm's optimism extends beyond TYRA-300, with other programs like TYRA-200 and TYRA-430 showing potential in treating other FGFR-related cancers. Piper Sandler's current investment stance encourages buying up to levels nearing the $33 price target, signaling confidence in the company's pipeline and its prospects for growth.
In other recent news, Tyra Biosciences has seen important developments in its clinical trials and drug development. The biotechnology company's lead drug, TYRA-300, is in clinical development with early Phase 1 data expected soon. The drug, showing promise in preclinical studies as a potential treatment for hypochondroplasia, is expected to advance to Phase 2 clinical study in pediatric achondroplasia following an Investigational New Drug Application.
Oppenheimer has raised Tyra Biosciences' price target to $33 from $25, retaining an Outperform rating, based on the upcoming release of their SURF301 data. Meanwhile, H.C. Wainwright and TD Cowen have maintained their Buy ratings, reflecting confidence in the company's clinical progress.
Tyra Biosciences' revenue is projected to grow to approximately $2.5 billion by 2035, according to Piper Sandler. The company has appointed Doug Warner as its new Chief Medical Officer and welcomed Susan Moran, M.D., M.S.C.E., and S. Michael Rothenberg, M.D., Ph.D., as independent directors.
InvestingPro Insights
Tyra Biosciences' (NASDAQ:TYRA) financial metrics and recent performance offer additional context to Piper Sandler's optimistic outlook. According to InvestingPro data, the company's market capitalization stands at $1.18 billion, reflecting investor confidence in its potential. Despite not being profitable over the last twelve months, with an adjusted operating income of -$95.45 million, TYRA has shown strong market performance. The stock has delivered a robust 61.47% total return over the past year and an impressive 31.88% return in the last three months.
InvestingPro Tips highlight that TYRA holds more cash than debt on its balance sheet, which is crucial for a biopharmaceutical company investing heavily in R&D. This financial stability aligns with Piper Sandler's positive stance on the company's pipeline development. Additionally, four analysts have revised their earnings upwards for the upcoming period, suggesting growing optimism about TYRA's near-term prospects.
It's worth noting that TYRA's stock is trading at 89.02% of its 52-week high, indicating strong momentum that correlates with the positive outlook on its TYRA-300 compound and other pipeline assets. For investors seeking more comprehensive analysis, InvestingPro offers 5 additional tips that could provide deeper insights into Tyra Biosciences' investment potential.
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