narvikk Piper Sandler has initiated Tyra Biosciences at overweight noting that the company's expertise in FGFR biology will help it overcome limitations seen with current FGFR inhibitors. FGFR (fibroblast growth factor receptors) bind to FGF proteins. FGFR mutations are associated with many types of cancer, as well as achondroplasia.
The firm has a $33 price target (~53% upside based on Aug. 14 close). Analyst Christopher J.
Raymond highlighted the company's lead asset, TYRA-300, a FGFR3 selective inhibitor. It is in phase 1 for bladder and solid tumors. Early phase 1 data in metastatic urothelial carcinoma is expected this half of the year.
Also, an IND is slated for submission by the end of the year to examine the candidate in achondroplasia. Raymond sees best-in-class potential for TYRA-300 in achondroplasia and other growth disorders, adding it could pose a threat to BioMarin Pharmaceutical's ( BMRN ) Voxzogo (vosoritide), which currently dominates the treatment space. He anticipates approval for urothelial carcinoma in 2027 followed by achondroplasia in 2029, with revenues reaching ~$2.
5B in 2035. Tyra is up ~4% in early afternoon trading. More on Tyra Biosciences Lots Of Bullish Signals, But No Revenue Or Earnings From Tyra Biosciences Seeking Alpha’s Quant Rating on Tyra Biosciences Historical earnings data for Tyra Biosciences Financial information for Tyra Biosciences.
