Piper Sandler raises Tyra Biosciences stock target to $33

On Wednesday, Piper Sandler research firm assumed coverage of Tyra Biosciences (NASDAQ:TYRA), a biopharmaceutical company, with an Overweight rating and set a price target of $33.00. The stock, currently trading at $9.98 with a market capitalization of $531 million, has received strong analyst support with a consensus "Strong Buy" recommendation according to InvestingPro data. The new coverage comes with a positive outlook on the company’s lead asset, TYRA-300, which is being developed for the treatment of metastatic urothelial carcinoma (mUC).

The research firm’s analyst highlighted the promising data observed so far for TYRA-300 in mUC, and the potential for the drug to expand into treating other conditions such as achondroplasia (ACH) and non-muscle invasive bladder cancer (NMIBC). The analyst noted TYRA-300’s high selectivity for FGFR3, which is believed to offer a safer and more efficacious profile compared to existing pan-FGFR inhibitors that have lower therapeutic windows and higher toxicities. InvestingPro data shows the company maintains a strong financial position with a current ratio of 22.78, indicating robust liquidity to support its drug development programs.

The optimism is bolstered by data presented at the Triple Meeting last year, which began to confirm TYRA-300’s favorable profile. Piper Sandler expressed anticipation for the drug’s potential to increase growth velocity in ACH patients and to provide a safe and effective oral treatment option for NMIBC. The firm underscored that dosing of the first patients in trials for both ACH and NMIBC is planned for the second quarter of 2025.

The endorsement from Piper Sandler is based on the strong rationale for targeting FGFR3 specificity and the data indicating that TYRA-300 could be a best-in-class treatment option. The firm’s analyst concluded the coverage with a confident stance on the stock, encouraging investment with the words, "we are buyers." InvestingPro reveals additional insights about TYRA’s financial position, including its minimal debt-to-equity ratio of 0.02 and strong cash position. Subscribers can access 6 more exclusive ProTips and comprehensive financial metrics to make more informed investment decisions.

In other recent news, H.C. Wainwright has reiterated its Buy rating for Tyra Biosciences, maintaining a price target of $30 per share. This decision follows discussions with the company’s management about TYRA-300, a therapeutic candidate for non-muscle-invasive bladder cancer (NMIBC). Analyst Mitchell Kapoor highlighted that TYRA-300’s success hinges on its tolerability and efficacy, with a complete response rate above 70% being a positive indicator. Even if this rate is not achieved, the oral administration of TYRA-300 could make it a preferred treatment due to its convenience compared to traditional methods like transurethral resection of bladder tumor (TURBT). NMIBC patients typically undergo invasive treatments that require frequent hospital visits, so an oral option could improve their quality of life. Kapoor’s analysis suggests that TYRA-300 could significantly reduce the need for hospital visits, aligning with patient preferences for less invasive treatment options. The Buy rating and price target reflect confidence in TYRA-300’s potential to meet these needs. These recent developments underscore the focus on patient convenience and quality of life in NMIBC treatment.

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