Last Updated: 09 Nov 2024
Executive Summary
Tyra Biosciences Inc. (TYRA) is a preclinical-stage biopharmaceutical company focused on developing therapies to overcome tumor resistance and improve outcomes for cancer patients. The company has a market capitalization of $815.21 million and is currently trading at $16.11 per share. Analysts have a positive outlook on TYRA, with 3 strong buy ratings, 3 buy ratings, and 1 hold rating. The analyst target price is $31.67, which represents a potential upside of 96.58%.
Company Overview
Tyra Biosciences is headquartered in Carlsbad, California. The company's lead product candidate is TYRA-100, a small molecule inhibitor of the AXL receptor tyrosine kinase. AXL is a key mediator of tumor resistance and is overexpressed in a variety of cancers. TYRA-100 has shown promising preclinical results and is currently being evaluated in a Phase 1/2 clinical trial in patients with advanced solid tumors.
Fundamental Analysis
Tyra Biosciences is a pre-revenue company and therefore does not have any financial metrics to analyze. However, the company has a strong cash position of $115.9 million as of June 30, 2024. This should provide the company with sufficient runway to continue its clinical trials and advance its pipeline.
Technical Analysis
TYRA's stock price has been in a downtrend since reaching a high of $29.60 in January 2023. The stock is currently trading below its 50-day and 200-day moving averages, which is a bearish sign. However, the stock has recently formed a bullish double bottom pattern, which could indicate that a reversal is underway.
Short Term Outlook
In the short term, TYRA's stock price is likely to remain volatile. The stock could continue to move lower if the overall market sentiment remains negative. However, the stock could also rebound if the company reports positive clinical data or if there is a positive development in the cancer immunotherapy space.
Long Term Outlook
The long-term outlook for TYRA is positive. The company has a promising pipeline of cancer therapies and a strong cash position. If the company's clinical trials are successful, TYRA could become a major player in the cancer immunotherapy market.
Analyst Recommendations
Analysts have a positive outlook on TYRA. The consensus analyst rating is buy, with a target price of $31.67. This represents a potential upside of 96.58%.
