Tyra Biosciences initiated with an Overweight at Piper Sandler

Piper Sandler initiated coverage of Tyra Biosciences with an Overweight rating and $33 price target. The company’s expertise in FGFR biology positions it well to overcome key limitations of earlier generation FGFR inhibitors, the analyst tells investors in a research note. The firm says Tyra’s lead asset TYRA-300 is an FGFR3 selective inhibitor, which avoids key safety issues associated with pan-FGFR inhibition. It believes TYRA-300 has “best-in-class potential” in metastatic urothelial carcinoma plus other growth disorders, including hypochondroplasia.