Oppenheimer Starts Tyra Biosciences (TYRA) at Outperform, 'Next-Generation Targeted Therapies in a Tidy Package'

Oppenheimer analyst Matt Biegler initiates coverage on Tyra Biosciences (NASDAQ: TYRA) with a Outperform rating and a price target of $17.00.

The analyst comments "Tyra is a straightforward story that we believe is flying under investors’ radar. The company is following a familiar path—we’ve seen time and again that next-generation inhibitors (seeking to mitigate resistance mutations and improve selectivity) have been able to drastically improve outcomes for patients; Turning Point’s repotrectinib (in ROS1-fusion cancer) and the early returns from Relay’s RLY-4008 (in FGFR2-fusion cancer) are two recent examples. We think Tyra is poised to accomplish the same in urothelial carcinoma with lead candidate TYRA-300, which is an isoform-selective FGFR3 inhibitor. We are initiating with an Outperform rating and $17 price target ahead of initial Phase 1 data from TYRA-300."

For an analyst ratings summary and ratings history on Tyra Biosciences click here. For more ratings news on Tyra Biosciences click here.

Shares of Tyra Biosciences closed at $13.20 yesterday.

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