Oppenheimer has shown confidence in Tyra Biosciences (NASDAQ: TYRA) by raising the biotechnology company's price target to $33 from $25 while retaining an Outperform rating on the stock.
The firm's optimism is based on the proactive management of expectations by Tyra Biosciences as they approach the release of their SURF301 data.
The management of Tyra Biosciences recently met with Oppenheimer analysts and discussed their strategies and benchmarks, particularly highlighting THOR as a high standard for comparison.
THOR has shown an objective response rate (ORR) of 36-46% in its first cohort, which is notably higher than the 15-25% typically seen in earlier-phase trials of other FGFR3 inhibitors.
Tyra Biosciences' SURF301 allows for the inclusion of patients who have undergone multiple prior therapies, a factor that could position TYRA-300 advantageously if it can achieve THOR-like responses without the associated FGFR-related safety concerns. This potential outcome is seen as a pathway for Tyra to enter more profitable markets, including treatments for earlier stages of urothelial cancer and bone growth disorders.
The anticipation for the SURF301 data is building, with Tyra's management aiming for a late-breaker announcement at the upcoming European Society for Medical Oncology (ESMO) conference. The forthcoming data could be a pivotal moment for the company, as it may validate the therapeutic efficacy and safety profile of TYRA-300 in comparison to existing FGFR3 inhibitors.
In other recent news, Tyra Biosciences has appointed Doug Warner as its new Chief Medical Officer, a move that complements the company's ongoing advancements in its clinical portfolio. Tyra Biosciences' lead drug, TYRA-300, is in clinical development with early Phase 1 data expected soon.
The company's revenue is projected to grow to approximately $2.5 billion by 2035, according to Piper Sandler, who initiated coverage on Tyra Biosciences with an Overweight rating. Other firms like H.C. Wainwright and TD Cowen have maintained their Buy ratings on Tyra Biosciences, reflecting confidence in the company's clinical progress.
In addition, Tyra Biosciences has presented promising preclinical data for TYRA-300 as a potential treatment for hypochondroplasia at the Annual Achondroplasia & Skeletal Dysplasia Research Conference.
The company plans to submit an Investigational New Drug Application in the near future to initiate a Phase 2 clinical study in pediatric achondroplasia. Lastly, Tyra Biosciences has welcomed Susan Moran, M.D., M.S.C.E., and S. Michael Rothenberg, M.D., Ph.D., as independent directors, further strengthening its board.
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