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In a recent transaction reported to the SEC, Nina S. Kjellson, a director at Tyra Biosciences , Inc. (NASDAQ:TYRA), sold 4,825 shares of the company's common stock. The shares were sold at a weighted average price of approximately $16.26, amounting to a total sale of $78,466. The transaction price was slightly above the current market price of $15.50, in a company currently valued at $835 million. Following this transaction, Kjellson holds 3,702,595 shares indirectly through Canaan XI L.P.
The shares were sold in multiple transactions with prices ranging between $16.25 and $16.39. The transaction reflects Kjellson's indirect holdings via Canaan XI L.P., a venture capital firm where she is involved. Additionally, she maintains an indirect ownership of 447,396 shares through 2020+ Co-Investment L.P. - Series 7. The company maintains a strong financial position, with cash reserves exceeding its debt obligations.
This recent activity comes as Tyra Biosciences continues its operations in the pharmaceutical sector, focusing on innovative treatments and solutions. While analysts maintain a bullish outlook with price targets ranging from $28 to $33, InvestingPro analysis indicates the stock may be currently overvalued. Investors and stakeholders are keeping a close watch on insider activities to gauge the company's future prospects, with additional insights available through InvestingPro's comprehensive financial health analysis.
In other recent news, Tyra Biosciences has received FDA clearance to proceed with a Phase 2 clinical trial for its drug candidate TYRA-300, aimed at treating non-muscle invasive bladder cancer and achondroplasia. The company has also appointed Dr. Erik Goluboff as Senior Vice President of Clinical Development. Analysts from UBS, H.C. Wainwright, and Piper Sandler have shown confidence in Tyra Biosciences, with UBS initiating coverage with a Buy rating and a price target of $28.00, H.C. Wainwright adjusting its price target to $30 from $32, and Piper Sandler maintaining an Overweight rating. The company maintains a strong financial position with a current ratio of 29.55 and more cash than debt on its balance sheet. Tyra Biosciences is set to submit an Investigational New Drug application to commence a Phase 2 trial in achondroplasia and initiate a Phase 2 study in non-muscle invasive bladder cancer. These are among the recent developments at Tyra Biosciences.
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