Tyra Biosciences downgraded to Neutral from Buy at BofA

BofA downgraded Tyra Biosciences (TYRA) to Neutral from Buy with a price target of $15, down from $25. While Tyra’s preclinical data has been “encouraging” and the firm sees a significant opportunity in the TYRA-300 achondroplasia program, the firm notes that the market is “currently giving little credit to companies with distant derisking events” and points out that the TYRA-300 achondroplasia program has yet to enter the clinic and will remain “meaningfully behind” BridgeBio’s (BBIO) infigratinib, which was given to the first patient in phase 3 recently.