On Monday, H.C. Wainwright raised the price target for Tyra Biosciences (NASDAQ:TYRA) shares to $30.00 from $25.00, while maintaining a Buy rating on the stock. The firm's decision is based on the anticipation of TYRA-300's clinical data, which will be presented at the upcoming Triple Meeting (EORTC-NCI-AACR) conference scheduled for October 23-25 in Barcelona, Spain.
Tyra Biosciences is expected to showcase three abstracts at the conference, with particular emphasis on the late-breaking abstract (LBA) titled "500LBA: Preliminary safety and anti-tumor activity of TYRA-300, a highly selective FGFR3 inhibitor, in participants with advanced solid tumors with activating FGFR3 mutations/fusions (SURF301)."
The data, consistent from the abstract on October 9, will be formally released during the conference. The trial, which began in November 2022, is set to provide comprehensive patient data, including efficacy across multiple dose levels. Analysts are keen to evaluate the efficacy in the FGFR3+ metastatic urothelial cancer (mUC) patient subgroup and compare it to the performance of Balversa (erdafitinib).
Safety data will also be reviewed for all enrolled patients, with the potential of TYRA-300 to achieve comparable efficacy to Balversa but with improved safety, marking a significant advancement for the drug. Following the data release, Tyra Biosciences plans to swiftly progress into Phase 2 trials targeting mUC, non-muscle invasive bladder cancer (NMIBC), and achondroplasia (ACH). The positive outlook on the trial's results has led to the reaffirmation of the Buy rating and the increase in price target to $30.
In other recent news, Tyra Biosciences has seen significant developments in its clinical trials and drug development. The company's lead drug, TYRA-300, is in clinical development with early Phase 1 data expected soon. Piper Sandler, Oppenheimer, H.C. Wainwright, and TD Cowen have all expressed confidence in Tyra Biosciences, with Piper Sandler and Oppenheimer maintaining a price target of $33, while H.C. Wainwright and TD Cowen have set their targets at $25 and $33 respectively.
Tyra Biosciences' revenue is projected to grow to approximately $2.5 billion by 2035, according to Piper Sandler. The company has recently appointed Doug Warner as its new Chief Medical Officer and welcomed Susan Moran, M.D., M.S.C.E., and S. Michael Rothenberg, M.D., Ph.D., as independent directors.
The company's TYRA-300 drug, which has shown promise in preclinical studies as a potential treatment for hypochondroplasia, is expected to advance to Phase 2 clinical study in pediatric achondroplasia following an Investigational New Drug Application. Clinical programs for achondroplasia and non-muscle invasive bladder cancer are projected to commence by the end of 2024 and the first half of 2025, respectively.
InvestingPro Insights
As Tyra Biosciences (NASDAQ:TYRA) prepares to present clinical data for TYRA-300 at the upcoming Triple Meeting conference, InvestingPro data offers additional context for investors. The company's market capitalization stands at $1.16 billion, reflecting the market's current valuation of its potential.
InvestingPro Tips highlight that Tyra Biosciences holds more cash than debt on its balance sheet, which could provide financial flexibility as it advances its clinical programs. This is particularly relevant given the company's focus on progressing TYRA-300 into Phase 2 trials for multiple indications.
The stock has shown strong performance, with a 53.48% price total return over the past year and a 28.89% return in the last three months. This aligns with the positive sentiment expressed in H.C. Wainwright's increased price target and could indicate market optimism about the upcoming data presentation.
However, it is important to note that Tyra Biosciences is not currently profitable, with an adjusted operating income of -$95.45 million over the last twelve months. This is consistent with the early-stage nature of biotech companies focused on drug development.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights, with 8 more tips available for Tyra Biosciences on the platform.
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