Zinger Key Points
- BofA upgrades Tyra Biosciences from Neutral to Buy, raising price target to $31 from $22.
- TYRA-300 preclinical data shows 3-5% increase in bone length and a 5.88% foramen magnum expansion in mice.
- Discover Fast-Growing Stocks Every Month
BofA Securities has upgraded Tyra Biosciences TYRA, a clinical-stage biotechnology company focused on developing next-generation precision medicines.
The company’s initial focus is on improving small molecule drug discovery and development in targeted oncology and genetically defined conditions.
The company has a pipeline of four preclinical candidates. In July, Tyra Biosciences announced preclinical proof-of-concept results with TYRA-300 in hypochondroplasia (HCH), the most common form of dwarfism.
TYRA-300 increased the length of the appendicular skeleton in the FGFR3 mutated mice: the femur by 3.70% compared to the vehicle, the tibia by 3.75%, the humerus by 3.22%, and the ulna by 5.03%.
TYRA-300 also increased the size of the foramen magnum by 5.88% (p<0.05) in mice. TYRA-300 demonstrated binding against the FGFR3 N540K altered protein and isoform selectivity for FGFR3 over other isoforms.
BofA has upgraded Tyra Biosciences from Neutral to Buy with a price target of $31, up from $22, ahead of the upcoming presentation of the phase 1/2 SURF-301 of TYRA-300 for urothelial carcinoma/ solid tumors at the ENA Meeting next week.
The analyst suggests that while Johnson & Johnson‘s JNJ erdafitinib may have established a high efficacy benchmark, its poor tolerability has significantly limited its use.
“To that end, we think the bar for success for ‘300 is safety vs. efficacy,” BofA analyst writes.
The updated model reflects greater potential uptake of an FGF3R-inhibitor with a differentiated safety profile while increasing the likelihood of success (LoS) risk adjustment to 35% from 15% prior in mUC.
The analyst projects 2030 adjusted sales for metastatic urothelial carcinoma to reach $175 million, up from a previous estimate of $35 million, compared to the consensus of $182 million.
The analyst highlights that Tyra Biosciences stock had a strong year (YTD +89% vs. +10% NBI)
Price Action: TYRA stock is up 3.77% at $26.96 at last check Friday.
Photo via Shutterstock
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
|---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
