H.C. Wainwright maintains $30 target on Tyra Biosciences stock

On Tuesday, H.C. Wainwright reaffirmed its Buy rating and $30.00 price target for Tyra Biosciences (NASDAQ:TYRA) shares, aligning with the broader analyst consensus that shows targets ranging from $28 to $33. The firm’s analyst, Mitchell Kapoor, provided insights following recent developments presented at the 2025 American Society of Clinical Oncology Genitourinary (ASCO GU) conference on Friday. According to InvestingPro data, TYRA’s next earnings report is scheduled for March 19, which could provide additional clarity on the company’s development progress.

Eli Lilly (NYSE:LLY) & Co. disclosed Phase 1 results for its FGFR3-selective inhibitor, LY3866288, in advanced solid tumors with FGFR3 alterations. The study evaluated various doses and included a total of 107 patients. Kapoor noted that the data suggests LY3866288 requires higher doses to match the efficacy of Tyra Biosciences’ TYRA-300, indicating a potentially less potent and selective molecule.

Kapoor also expressed concerns about the higher toxicity rates associated with LY3866288, including prevalent diarrhea across all dose levels. These adverse effects, according to Kapoor, make LY3866288 unsuitable for treating achondroplasia (ACH), even at reduced dosages. This assessment supports the view that TYRA-300’s opportunities in both oncology and non-oncology settings remain secure.

The twice-daily dosing regimen of LY3866288 was also deemed less favorable compared to the once-daily regimen of TYRA-300. Kapoor’s confidence in TYRA-300 as the leading FGFR3 inhibitor is supported by Tyra Biosciences’ presentation of Phase 1 TYRA-300 data from the SURF-301 trial.

The firm’s positive stance on TYRA-300 is also influenced by the molecule’s implications for muscle-invasive bladder cancer (mUC) and non-muscle-invasive bladder cancer (NMIBC), as well as ACH, as detailed in their previous note titled "Positive TYRA-300 mUC Data; NMIBC and ACH Implications." H.C. Wainwright’s reiterated Buy rating and 12-month price target of $30 per share reflect the analyst’s ongoing endorsement of Tyra Biosciences’ stock. The company’s strong balance sheet position is evident through InvestingPro data, which reveals more cash than debt and liquid assets exceeding short-term obligations. InvestingPro subscribers have access to over 30 additional financial metrics and insights for TYRA, helping investors make more informed decisions.

In other recent news, Tyra Biosciences has seen significant developments in its board, clinical trials, and analyst coverage. The biotech firm recently welcomed Adele Gulfo to its Board of Directors, following Nina Kjellson’s resignation. Gulfo, with her extensive background in pharmaceutical leadership and successful drug launch track record, is expected to provide valuable guidance to the company’s endeavors.

In the realm of clinical trials, Tyra Biosciences has received FDA clearance to proceed with a Phase 2 study for its drug candidate TYRA-300, aimed at treating non-muscle invasive bladder cancer. The trial, dubbed SURF302, will assess the drug’s efficacy and safety in patients with FGFR3-altered bladder cancer. Dr. Erik Goluboff, a seasoned urologic oncologist, has been appointed to lead this clinical program.

Adding to these developments, UBS analyst Eliana Merle initiated coverage on Tyra Biosciences, assigning a Buy rating with a long-term growth forecast driven by the TYRA-300 pipeline. UBS estimates suggest a significant potential for share price appreciation, with the firm’s risk-adjusted estimates for 2035 sales considerably higher than current market expectations. These recent developments highlight Tyra Biosciences’ continued progress in its mission to develop precision medicines for conditions with significant market needs.

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