Tyra Biosciences (NASDAQ:TYRA) Shares Gap Up – Here’s Why

Tyra Biosciences, Inc. (NASDAQ:TYRA)’s share price gapped up prior to trading on Monday . The stock had previously closed at $22.03, but opened at $23.20. Tyra Biosciences shares last traded at $24.5590, with a volume of 129,442 shares trading hands.

Wall Street Analysts Forecast Growth

Several brokerages have commented on TYRA. Jefferies Financial Group reissued a “buy” rating and set a $42.00 price target on shares of Tyra Biosciences in a research report on Wednesday, August 5th. HC Wainwright lowered their target price on Tyra Biosciences from $45.00 to $30.00 and set a “buy” rating on the stock in a research report on Thursday, September 10th. Piper Sandler reiterated an “overweight” rating and set a $56.00 target price on shares of Tyra Biosciences in a report on Tuesday, September 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of Tyra Biosciences in a research report on Friday, July 17th. Finally, Bank of America raised their price target on Tyra Biosciences from $37.00 to $42.00 and gave the company a “buy” rating in a research note on Wednesday, June 10th. Eleven equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $47.88.

Tyra Biosciences Price Performance

The stock has a market capitalization of $1.52 billion, a P/E ratio of -10.60 and a beta of 0.73. The company’s 50-day simple moving average is $28.14 and its 200-day simple moving average is $31.70.

Tyra Biosciences (NASDAQ:TYRA) last announced its quarterly earnings data on Tuesday, August 4th. The company reported ($0.69) EPS for the quarter, missing analysts’ consensus estimates of ($0.65) by ($0.04). On average, analysts forecast that Tyra Biosciences, Inc. will post -2.74 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Tyra Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of TYRA. Tidal Investments LLC acquired a new position in Tyra Biosciences during the second quarter worth approximately $943,000. WINTON GROUP Ltd acquired a new stake in shares of Tyra Biosciences in the second quarter valued at approximately $537,000. Engineers Gate Manager LP acquired a new stake in shares of Tyra Biosciences in the second quarter valued at approximately $1,021,000. Squarepoint Ops LLC boosted its stake in shares of Tyra Biosciences by 211.3% during the 2nd quarter. Squarepoint Ops LLC now owns 63,805 shares of the company’s stock worth $2,038,000 after acquiring an additional 43,311 shares during the period. Finally, Susquehanna Fundamental Investments LLC bought a new position in shares of Tyra Biosciences during the 2nd quarter worth approximately $334,000. Institutional investors own 84.14% of the company’s stock.

Tyra Biosciences Company Profile

Tyra Biosciences, Inc is a clinical-stage biotechnology company focused on developing precision medicines for diseases with limited treatment options. The company uses its proprietary SNÅP platform to design small-molecule therapies intended to selectively target disease-driving genetic alterations while addressing resistance mechanisms that can reduce the effectiveness of existing treatments.

Tyra’s lead programs are directed at fibroblast growth factor receptor (FGFR) biology. TYRA-300 is an oral, selective FGFR3 inhibitor being developed for conditions including FGFR3-altered urothelial cancer and achondroplasia, a genetic skeletal disorder.