Oppenheimer analyst Matthew Biegler raised the firm’s price target on Tyra Biosciences to $33 from $25 and keeps an Outperform rating on the shares after having dinner with management. The firm finds it a bullish sign when management actively manages a high bar ahead of data, but that’s exactly what Tyra is doing ahead of SURF301. The company said THOR is the benchmark – and quite a high benchmark that is, Oppenheimer notes. If TYRA-300 can get THOR-like responses without the FGFR-related safety baggage, the firm could easily make a case for its use in more lucrative markets including earlier-line urothelial and bone growth disorders.
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