H.C. Wainwright Reiterates Buy Rating on Tyra Biosciences (TYRA)

H.C. Wainwright analyst Mitchell Kapoor reiterated a Buy rating and $45.00 price target on Tyra Biosciences (NASDAQ: TYRA).

The analyst commented: "Tyra scheduled an 8:00 a.m. Wednesday call/webcast with slides and several days’ notice for the initial Phase 2 SURF302 dataset. The company could have released the data Tuesday immediately after Labor Day or issued a press release without a call. We think management wants the data seen. We take the advanced notice and format as a sign of confidence. We expect ≥70% pooled three-month complete response (CR) across >20 patients in the 50mg and 60mg QD cohorts, with safety from >40 patients showing low single-digit grade ≥3 adverse events, dose reductions and discontinuations. The scheduling choice does not change our estimates or 45% probability of approval for dabogratinib in urothelial carcinoma. After the Wednesday NMIBC dataset, the following TYRA catalyst will be initial results from the safety sentinel cohort, including 6-month annualized height velocity (AHV) and safety data for Dose Levels 1-5, which will include an aggregate of ~25 children—expected end-1Q27. While we see that as a more consequential catalyst, we believe investors are weighting ACH disproportionately to the NMIBC opportunity, implying little credit and potential upside from the NMIBC program. However, a 12-month durability update would be a bigger inflection vs. this initial 3-month CR readout. We reiterate our Buy rating and 12-month price target of $45."

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 $28.65 yesterday.

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