Tyra Biosciences price target raised to $25 from $17 at Oppenheimer

Oppenheimer analyst Matthew Biegler raised the firm’s price target on Tyra Biosciences to $25 from $17 and keeps an Outperform rating on the shares after the company hosted a call to discuss its decision to explore TYRA-300 in achondroplasia. Since most cases of achondroplasia are driven by an FGFR3 mutation, Tyra’s move is a "smart expansion" into a potentially $1B-plus indication, the analyst tells investors in a research note. The firm believes safety will be paramount for effective drug development in this pediatric rare disorder. The company’s decision to proceed was likely influenced by early safety data form TYRA-300’s Phase 1 SURF301 trial in oncology, it writes.