Piper Sandler maintained a positive outlook on Tyra Biosciences (NASDAQ:TYRA), reiterating an Overweight rating and a $33.00 price target for the company's stock. The firm's stance remained firm in light of upcoming initial data from a Phase 1/2 study, which is expected to be presented at the EORTC-NCI-AACR Symposium on October 25th.
The Phase 1/2 SURF301 study of TYRA-300, focused on metastatic urothelial carcinoma (mUC), has garnered attention as Tyra Biosciences has indicated that preliminary safety and efficacy data will be revealed at the symposium. Although details remain under wraps until the meeting, expectations are set for the oral response rate (ORR) to match or surpass that of the pan-FGFR inhibitor Balversa, which ranges between 35-40%. Furthermore, TYRA-300 is anticipated to demonstrate a more favorable safety and tolerability profile, with fewer FGFR-related toxicities.
The significance of the upcoming data presentation extends beyond mUC, as it potentially paves the way for TYRA-300 to address larger markets, including achondroplasia (ACH) and non-muscle invasive bladder cancer (NMIBC). The specificity of TYRA-300 for FGFR3 could offer advantages in both efficacy and safety over existing pan-FGFR inhibitors. Piper Sandler's commentary underscores the potential for TYRA-300 to reshape treatment landscapes across multiple indications.
Investor interest in Tyra Biosciences is likely to remain high leading up to the data release, with the firm encouraging investment ahead of the symposium. The upcoming presentation marks a critical milestone for TYRA-300 and could significantly impact the company's trajectory if the data meets or exceeds the established benchmarks for success.
Tyra Biosciences is set to present research findings at the upcoming ENA 2024 symposium, including a presentation on the 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. Analyst firms H.C. Wainwright, Piper Sandler, and Oppenheimer have shown confidence in Tyra Biosciences' potential, with H.C. Wainwright and Piper Sandler maintaining a price target of $30 and $33 respectively, based on anticipated clinical data from the TYRA-300 trial.
TYRA-300, the company's lead 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. These are part of the recent developments at Tyra Biosciences.
InvestingPro Insights
As Tyra Biosciences (NASDAQ:TYRA) approaches its crucial data presentation, InvestingPro data offers additional context to the company's financial position. With a market capitalization of $1.11 billion, TYRA has seen a significant price uptick over the last six months, with a 39.22% total return. This aligns with the positive outlook from Piper Sandler and the anticipation surrounding the upcoming Phase 1/2 study results.
InvestingPro Tips highlight that TYRA holds more cash than debt on its balance sheet, indicating a strong liquidity position as it advances its clinical programs. This financial stability is crucial for biotechnology companies in the development phase. Additionally, four analysts have revised their earnings upwards for the upcoming period, suggesting growing confidence in TYRA's potential.
However, it's important to note that TYRA is not currently profitable, with an adjusted operating income of -$95.45 million over the last twelve months. This is typical for early-stage biopharmaceutical companies investing heavily in research and development. The company's price-to-book ratio of 2.94 reflects investor optimism about its future prospects, particularly the potential of TYRA-300.
Investors considering TYRA should be aware that InvestingPro offers 7 additional tips for this stock, providing a more comprehensive analysis to inform investment decisions in this dynamic biotech space.
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