Tyra Biosciences (TYRA) PT Raised to $32 at H.C. Wainwright

H.C. Wainwright analyst Mitchell Kapoor raised the price target on Tyra Biosciences (NASDAQ: TYRA) to $32.00 (from $30.00) while maintaining a Buy rating.

The analyst commented: "Last week, Tyra reported initial clinical data (see data in PDF presentation) from the Phase 1/2 (SURF-301) trial of TYRA-300 in metastatic urothelial carcinoma (mUC). Among 11 patients given 90mg (n=10) and 120mg (n=1), there were 54.5% (6/11) confirmed PRs with three SDs that appear to show tumor regressions at just under 30%, almost qualifying three more patients for a PR, in our view. Importantly, 100% of patients dosed at ≥90mg showed tumor regression, suggesting that all had benefit at the therapeutic dose level. The safety profile looked encouraging, with evidence of less FGFR1- and FGFR2-specific toxicities observed vs. Johnson & Johnson's (JNJ; not rated) Balversa (erdafitinib). Importantly, safety was favorable at the dose ranges slated to be at or above TYRA-300 in non-muscle invasive bladder cancer (NMIBC) and achondroplasia (ACH)—at ≤60mg, there were no discontinuations or dose reductions at that level and a few AEs, all of which were Grade 1-2, including one alanine aminotransferase (ALT) liver enzyme elevation, which we believe is inconsequential. Tyra's next steps are to: (1) move to further dose optimize in mUC had of a larger Phase 2 study in 2L+ mUC; (2) submit an IND to enter Phase 2 in NMIBC; and (3) initiate a Phase 2 study in ACH. We have raised our probability of approval in mUC to 45% from the prior 35%, resulting in a 12-month target of $32 vs. the prior $30 per share. Reiterate Buy rating."

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