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Nina S. Kjellson, a director at Tyra Biosciences, Inc. (NASDAQ:TYRA), has recently sold a significant portion of her holdings in the company. According to a recent SEC filing, Kjellson sold shares over several transactions between October 30 and November 1, 2024. The total value of the shares sold was approximately $2,282,656, with transaction prices ranging from $16.169 to $17.1594 per share.
The sales involved shares held indirectly by Canaan XI L.P. and 2020+ Co-Investment L.P. - Series 7. Following these transactions, Kjellson's remaining holdings in Tyra Biosciences are substantial, indicating continued investment in the company. Investors will be watching closely to see how these developments impact the company's stock performance in the coming weeks.
In other recent news, Tyra Biosciences has made notable strides in its clinical trials and financial outlook. The company has received FDA clearance for its drug candidate TYRA-300 to advance into the BEACH301 study, which will assess the treatment in children diagnosed with achondroplasia. Piper Sandler has maintained an Overweight rating on Tyra Biosciences, following this development. The company also plans to submit an Investigational New Drug application for TYRA-300 in non-muscle invasive bladder cancer by year's end.
Additionally, Tyra Biosciences has reported positive preliminary results from its SURF-301 Phase 1/2 trial of TYRA-300 in metastatic urothelial carcinoma, prompting H.C. Wainwright to raise the price target to $32. The company has also seen upgrades from BofA Securities, Piper Sandler, H.C. Wainwright, and Oppenheimer, with price targets ranging from $30 to $33.
Tyra Biosciences has entered into an agreement with Boxer Capital, LLC and RA Capital Healthcare Fund, L.P. to exchange existing shares for warrants. The company's revenue is projected to grow to approximately $2.5 billion by 2035, according to Piper Sandler's estimates. Lastly, the company has made significant appointments, including Doug Warner as its new Chief Medical Officer and the addition of Susan Moran, M.D., M.S.C.E., and S. Michael Rothenberg, M.D., Ph.D., to its board as independent directors.
InvestingPro Insights
In light of Nina S. Kjellson's recent share sales, it's worth examining Tyra Biosciences' current financial position and market performance. According to InvestingPro data, Tyra Biosciences has a market capitalization of $880.81 million USD, reflecting its status as a relatively small-cap biotech company.
The company's stock has experienced significant volatility recently, with InvestingPro Tips highlighting that the stock has taken a big hit over the last week, showing a -25.26% price return. This short-term decline aligns with the timing of Kjellson's share sales and may be of interest to investors monitoring insider transactions.
Despite the recent downturn, Tyra Biosciences maintains a strong balance sheet. An InvestingPro Tip notes that the company holds more cash than debt, which could provide financial flexibility as it continues to develop its pipeline. Additionally, liquid assets exceed short-term obligations, suggesting a solid near-term financial position.
However, profitability remains a challenge for Tyra Biosciences. The company is not profitable over the last twelve months, with an adjusted operating income of -$95.45 million USD. Analysts do not anticipate the company will be profitable this year, which is not uncommon for early-stage biotech firms focused on research and development.
It's worth noting that 4 analysts have revised their earnings upwards for the upcoming period, potentially signaling positive expectations for the company's future performance. The stock's fair value based on analyst targets is $31.5 USD, significantly higher than the previous closing price of $16.68 USD, suggesting potential upside according to these estimates.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights beyond those mentioned here. In fact, there are 5 more InvestingPro Tips available for Tyra Biosciences, which could provide further context for the company's financial health and market position.
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