Alan Fuhrman, Chief Financial Officer of Tyra Biosciences, Inc. (NASDAQ:TYRA), recently purchased 9,500 shares of the company's common stock. The transaction, dated October 30, 2024, was executed at a weighted average price of $15.9952 per share, totaling approximately $151,954. Following this acquisition, Fuhrman holds a total of 12,849 shares directly. The purchase price ranged from $15.95 to $16.00 per share, according to the details provided in the filing.
In other recent news, Tyra Biosciences has made significant strides in its clinical trials. The company has received FDA clearance to advance its drug candidate TYRA-300 into the BEACH301 study, which will evaluate the treatment in children diagnosed with achondroplasia. In addition, the company plans to submit an Investigational New Drug application for TYRA-300 in non-muscle invasive bladder cancer by the end of the year.
Piper Sandler has reaffirmed its Overweight rating on Tyra Biosciences, maintaining a steady price target of $33.00. This endorsement follows the FDA's approval and assuages investor concerns about the drug's safety. H.C. Wainwright and TD Cowen have also maintained positive ratings on the company's stock, with H.C. Wainwright raising its price target to $32 from $30.
Tyra Biosciences is also preparing to initiate the BEACH301 study and commence dosing in the first quarter of 2025. The study will assess the safety, tolerability, and impact on growth velocity of TYRA-300. The drug is designed to selectively target FGFR3, potentially enhancing its effectiveness without raising safety concerns.
Furthermore, 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. These recent developments highlight Tyra Biosciences' progress in its drug development pathway.
InvestingPro Insights
Alan Fuhrman's recent purchase of Tyra Biosciences (NASDAQ:TYRA) shares comes at an interesting time for the company. According to InvestingPro data, TYRA's stock has taken a significant hit recently, with a 23.94% decline in the past week and a 26.97% drop over the last month. This context makes the CFO's decision to increase his stake particularly noteworthy.
Despite the recent stock performance, InvestingPro Tips highlight that 4 analysts have revised their earnings upwards for the upcoming period, suggesting potential optimism about the company's future prospects. This aligns with Fuhrman's apparent confidence in the company's value at current price levels.
It's worth noting that TYRA holds more cash than debt on its balance sheet, and its liquid assets exceed short-term obligations. These factors could provide the company with financial flexibility as it navigates its growth phase. However, investors should be aware that TYRA is not currently profitable and does not pay a dividend to shareholders.
For those seeking a deeper understanding of TYRA's financial position, InvestingPro offers 5 additional tips and a comprehensive set of financial metrics. This additional insight could be valuable for investors looking to make informed decisions about the company's stock.
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