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

On Monday, H.C. Wainwright reiterated its Buy rating and $30.00 price target for Tyra Biosciences (NASDAQ:TYRA) shares, following a recent discussion with the company’s management. With TYRA currently trading at $9.77, analysts maintain a strong Buy consensus with price targets ranging from $28 to $33, according to InvestingPro data. The firm’s analyst, Mitchell Kapoor, provided insights into the potential of TYRA-300, Tyra Biosciences’ therapeutic candidate for non-muscle-invasive bladder cancer (NMIBC).

According to Kapoor, the benchmark for TYRA-300’s success is its tolerability and efficacy, which should surpass the current standard procedure, transurethral resection of bladder tumor (TURBT). Specifically, a complete response (CR) rate above 70% would be indicative of TYRA-300’s effectiveness. The company’s strong financial health score and robust cash position relative to debt, as revealed by InvestingPro, support its ability to advance clinical development. Even if TYRA-300 does not achieve the highest CR rate, its oral administration could make it a preferred option over other NMIBC treatments due to the convenience it offers to patients.

NMIBC is a localized form of bladder cancer that is not immediately life-threatening, allowing patients to focus on treatment options that provide a better quality of life. Traditional treatments for NMIBC involve multiple rounds of TURBT and intravesical therapy, which can be invasive and require frequent hospital visits. Kapoor highlighted that an oral therapy like TYRA-300 could significantly reduce the need for these hospital visits, offering a more convenient treatment alternative for NMIBC patients.

The emphasis on TYRA-300’s potential to improve patient convenience and quality of life is a key aspect of its appeal. Despite the stock’s challenging performance, down 58% over the past six months, Kapoor’s reiteration of the Buy rating and 12-month price target of $30 per share reflects confidence in the drug’s prospects and its alignment with patient treatment preferences in the NMIBC space. InvestingPro subscribers can access 8 additional investment tips and comprehensive financial metrics to better evaluate TYRA’s investment potential.

In other recent news, Tyra Biosciences has been making significant strides in its clinical and corporate developments. The company received FDA clearance to proceed with a Phase 2 clinical trial for its drug candidate TYRA-300, targeting low-grade, intermediate-risk non-muscle invasive bladder cancer (IR NMIBC). This trial, known as SURF302, aims to evaluate the efficacy and safety of the FGFR3-selective inhibitor, enrolling up to 90 participants across the United States. Meanwhile, UBS initiated coverage on Tyra Biosciences with a Buy rating and a $28 price target, citing the potential of TYRA-300 to offer better efficacy and safety compared to other FGFR inhibitors.

In a strategic move, Tyra Biosciences appointed Adele Gulfo to its Board of Directors, following the resignation of Nina Kjellson. Gulfo brings a wealth of experience from the pharmaceutical industry, having held executive roles at companies like Pfizer (NYSE:PFE) and AstraZeneca (NASDAQ:AZN). H.C. Wainwright also reaffirmed its Buy rating for Tyra Biosciences, maintaining a $30 price target, emphasizing the promising data from the Phase 1 trial of TYRA-300. The firm noted that TYRA-300’s once-daily dosing regimen and lower toxicity rates present a competitive advantage over Eli Lilly (NYSE:LLY)’s FGFR3-selective inhibitor, LY3866288.

These recent developments highlight Tyra Biosciences’ focus on advancing its drug pipeline and strengthening its leadership team. The company’s lead drug, TYRA-300, is not only being evaluated for bladder cancer but also for conditions like achondroplasia and metastatic urothelial carcinoma. With these advancements, Tyra Biosciences continues to position itself as a key player in the biotechnology sector.

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