EUR/USD likely to find a peak near 1.25: UBS
On Thursday, H.C. Wainwright adjusted the stock price target for Tyra Biosciences (NASDAQ:TYRA) to $25.00, an increase from the previous $23.00, while reiterating a Buy rating on the stock. This adjustment follows the recent developments in Tyra Biosciences' clinical trials.
The company has successfully completed the dose escalation part of its Phase 1/2 study, SURF301, as of March 2024. This achievement marks a significant step in the development of their oncology treatments. Currently, the study has advanced to Part B, which involves evaluating the efficacy of once-daily and twice-daily dosing regimens.
The analyst's decision to raise the price target is also influenced by a reassessment of Tyra Biosciences' near-term expense projections. The updated projections now more accurately reflect the company's recent trends in operating expenses.
Tyra Biosciences' progress in the SURF301 study is seen as a positive indicator for the potential of its oncology treatments. The successful dose escalation past the ACH dose suggests that the company may be moving closer to identifying an effective therapeutic dosing strategy.
The new price target of $25.00 represents the firm's confidence in Tyra Biosciences' trajectory over the next 12 months. The maintenance of a Buy rating indicates a continued positive outlook on the company's stock performance.
In other recent news, Tyra Biosciences has made significant progress in the development of its drug TYRA-300, a potential treatment for hypochondroplasia (HCH). The company presented promising preclinical data at the Annual Achondroplasia & Skeletal Dysplasia Research Conference, demonstrating TYRA-300's ability to increase long bone length and skull size in FGFR3 mutated mice. H.C. Wainwright reaffirmed its Buy rating for Tyra Biosciences, reflecting confidence in TYRA-300's potential efficacy.
The company has also announced changes to its board of directors, welcoming Susan Moran, M.D., M.S.C.E., and S. Michael Rothenberg, M.D., Ph.D., as independent directors. These recent developments highlight Tyra Biosciences' ongoing efforts to advance its drug pipeline and strengthen its board.
Tyra Biosciences plans to submit an Investigational New Drug Application in the latter half of 2024 to initiate a Phase 2 clinical study in pediatric achondroplasia. The company continues to focus on the development of precision medicines for targeted oncology and genetically defined conditions.
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