Tyra Biosciences (NASDAQ:TYRA) Stock Jumps 4.4% – Here’s Why

Tyra Biosciences, Inc. (NASDAQ:TYRA)’s stock price traded up 4.4% during trading on Monday. The company traded as high as $19.49 and last traded at $19.34. 871,843 shares traded hands during trading, an increase of 11% from the average daily volume of 788,526 shares. The stock had previously closed at $18.52.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on TYRA. Raymond James Financial reiterated a “strong-buy” rating and issued a $50.00 price target on shares of Tyra Biosciences in a report on Tuesday, October 6th. Piper Sandler reiterated an “overweight” rating and set a $56.00 price objective on shares of Tyra Biosciences in a research note on Tuesday, September 8th. Jefferies Financial Group reiterated a “buy” rating and issued a $42.00 target price on shares of Tyra Biosciences in a research note on Wednesday, August 5th. William Blair raised shares of Tyra Biosciences to a “strong-buy” rating in a research note on Wednesday, September 23rd. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Tyra Biosciences in a research report on Thursday, September 10th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $47.20.

Tyra Biosciences Stock Up 0.2%

The business has a 50 day simple moving average of $23.49 and a 200-day simple moving average of $29.16. The company has a market capitalization of $1.22 billion, a P/E ratio of -8.55 and a beta of 0.75.

Tyra Biosciences (NASDAQ:TYRA) last posted its earnings results on Tuesday, August 4th. The company reported ($0.69) EPS for the quarter, missing the consensus estimate of ($0.65) by ($0.04). Equities analysts forecast that Tyra Biosciences, Inc. will post -2.68 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in TYRA. Janus Henderson Group PLC boosted its stake in Tyra Biosciences by 32.5% during the first quarter. Janus Henderson Group PLC now owns 3,890,589 shares of the company’s stock valued at $148,867,000 after buying an additional 955,147 shares in the last quarter. Jupiter Topco LLC acquired a new stake in shares of Tyra Biosciences during the second quarter valued at approximately $139,161,000. BlackRock Inc. purchased a new stake in shares of Tyra Biosciences in the second quarter valued at $96,841,000. 5AM Venture Management LLC purchased a new stake in Tyra Biosciences in the 2nd quarter worth about $32,875,778. Finally, Jennison Associates LLC purchased a new stake in shares of Tyra Biosciences in the first quarter worth approximately $24,222,000. 84.14% of the stock is currently owned by institutional investors.

About Tyra Biosciences

Tyra Biosciences, Inc is a clinical-stage biotechnology company focused on developing precision medicines for patients with cancer and other diseases driven by fibroblast growth factor receptor (FGFR) abnormalities. The company uses its proprietary SNÅP platform to discover and design small-molecule therapies intended to selectively target FGFR alterations while addressing mechanisms of treatment resistance.

Tyra’s lead program, TYRA-300, is an oral, selective FGFR3 inhibitor being evaluated in clinical studies for FGFR3-altered urothelial cancer and other potential indications.