Positive Outlook for Tyra Bioscience Following FDA Clearance and Promising Clinical Data

H.C. Wainwright analyst Mitchell Kapoor has reiterated their bullish stance on TYRA stock, giving a Buy rating on January 7.

Mitchell Kapoor’s rating is based on the recent FDA clearance for Tyra Bioscience’s TYRA-300 Phase 2 trial in non-muscle-invasive bladder cancer (NMIBC), which he views as a risk-mitigated step due to promising previous data in metastatic urothelial carcinoma (mUC). The earlier trial demonstrated significant tumor regression in patients, with a notable percentage achieving partial responses at therapeutic doses, coupled with a favorable safety profile.

Additionally, Kapoor utilizes a discounted cash flow valuation method to assess Tyra Bioscience, focusing on TYRA-300 and TYRA-200. His analysis considers a range of probabilities for regulatory approval across various indications based on preclinical evidence and the established efficacy of FGFR inhibition. Despite potential risks such as delays or setbacks in clinical development, Kapoor sets a 12-month price target of $30 per share, underscoring his confidence in the company’s growth prospects.

In another report released on January 7, UBS also initiated coverage with a Buy rating on the stock with a $28.00 price target.

Tyra Bioscience (TYRA) Company Description: Tyra Biosciences Inc is a precision oncology company focused on developing purpose-built therapies to overcome tumor resistance and improve outcomes for patients with cancer.