Wednesday, an analyst from H.C. Wainwright increased the price target for Tyra Biosciences (NASDAQ:TYRA) to $23 from $19, maintaining a Buy rating on the stock. The adjustment reflects the firm's positive outlook on the company's potential in the hypochondroplasia (HCH) market, as well as the successful clinical developments with FGFR inhibitors for achondroplasia (ACH) by BridgeBio.
The analyst anticipates the launch year for TYRA-300 in the HCH indication to be 2029, with peak sales reaching approximately $371 million by 2040.
This projection is based on the treatment of 35% of HCH patients in the U.S. and EU, which equates to around 1,200 patients. Additionally, the pricing strategy for TYRA-300 has been refined to reflect different market dynamics in ACH and HCH compared to oncology. TYRA Biosciences has developed a child-friendly mini-tab version of TYRA-300 that can be sprinkled on food for children with ACH.
The estimated pricing for TYRA-300 in the oncology setting is expected to be slightly higher than Balversa, at around $220,000 per patient annually. For ACH and HCH indications, TYRA-300's price is projected to be marginally above Voxzogo's, which is approximately $300,000 per patient each year. The timeline for TYRA-300's launch in the urothelial carcinoma setting has been revised to 2027 from the previously anticipated 2026.
In light of these updates, the firm has reiterated its Buy rating for Tyra Biosciences, signaling confidence in the company's growth prospects, particularly in the treatment of rare bone growth disorders such as HCH.
InvestingPro Insights
Following the upbeat assessment from H.C. Wainwright, further scrutiny of Tyra Biosciences (NASDAQ:TYRA) through InvestingPro reveals a nuanced financial landscape. While analysts have revised their earnings downwards for the upcoming period, reflecting potential challenges ahead, Tyra Biosciences holds a more favorable position in terms of liquidity. The company's liquid assets surpass its short-term obligations, indicating a degree of financial flexibility in the near term.
InvestingPro Data shows a market capitalization of $842.72 million and an adjusted P/E ratio for the last twelve months as of Q3 2023 standing at -14.24, which aligns with the analysts' expectations that Tyra Biosciences will not be profitable this year. Despite the lack of profitability, the company has experienced a strong return over the last three months, with a 17.35% price total return, hinting at investor optimism in specific segments of the market.
An InvestingPro Tip worth noting is that Tyra Biosciences does not pay a dividend to shareholders, which is a crucial consideration for income-focused investors. Additionally, the stock has taken a significant hit over the last week, with a price total return of -14.09%. This recent volatility may present opportunities for investors with a higher risk tolerance.
For those considering an investment in Tyra Biosciences, additional InvestingPro Tips can provide deeper insight. Currently, there are 8 more tips available on InvestingPro for TYRA, which can be accessed at https://www.investing.com/pro/TYRA. To enhance your investment strategy, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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