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Investing.com - Oppenheimer raised its price target on Tyra Biosciences (NASDAQ:TYRA) to $36.00 from $30.00 on Wednesday, while maintaining an Outperform rating on the stock. The new target aligns with the broader analyst consensus, as InvestingPro data shows analyst targets ranging from $28 to $35, with the company maintaining a FAIR financial health score.
The price target increase follows meetings that Tyra Biosciences management held with Oppenheimer in Boston on Monday, where the company outlined the market opportunity for its drug dabogratinib.
According to Oppenheimer, Tyra management made the case that dabogratinib’s combined market opportunity exceeds $10 billion, despite investor concerns that major catalysts for the company aren’t expected until 2026.
Oppenheimer described Tyra as "one of the most de-risked stories" they’ve covered, citing well-validated roles that FGFR3 plays in both cancer and bone growth, while noting the company currently has a "sub-$500M enterprise value."
The firm has revised its model to increase peak sales projections for both NMIBC (Non-Muscle Invasive Bladder Cancer) and Achondroplasia indications for Tyra’s treatments.
In other recent news, Tyra Biosciences has commenced dosing in two Phase 2 clinical trials. The company announced the first child has been dosed in its BEACH301 trial, which is assessing dabogratinib, formerly known as TYRA-300, for treating achondroplasia, a common form of dwarfism. This trial involves children aged 3 to 10, including those who have previously received growth-accelerating therapy. Initial results from the safety sentinel cohort are anticipated in the second half of 2026. Additionally, Tyra Biosciences has started dosing in the SURF302 trial, which evaluates TYRA-300 for low-grade, intermediate-risk non-muscle invasive bladder cancer. This open-label study aims to enroll up to 90 participants, focusing on those with FGFR3-altered conditions. H.C. Wainwright has reiterated its Buy rating for Tyra Biosciences, maintaining a price target of $30, following these developments.
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