Tyra Biosciences (NASDAQ:TYRA) Shares Down 10.2% – Here’s Why

29 Oct 2024, 19:09 by Sarita Garza · The Markets Daily

Tyra Biosciences, Inc. (NASDAQ:TYRA – Get Free Report) dropped 10.2% on Tuesday . The company traded as low as $17.83 and last traded at $17.87. Approximately 403,603 shares traded hands during mid-day trading, an increase of 134% from the average daily volume of 172,190 shares. The stock had previously closed at $19.89.

Analyst Ratings Changes

Several equities research analysts recently weighed in on TYRA shares. Wedbush restated an “outperform” rating and set a $28.00 target price on shares of Tyra Biosciences in a report on Friday. Piper Sandler initiated coverage on Tyra Biosciences in a research note on Thursday, August 15th. They set an “overweight” rating and a $33.00 price objective for the company. Bank of America raised shares of Tyra Biosciences from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $22.00 to $31.00 in a research note on Friday, October 18th. Oppenheimer increased their price target on shares of Tyra Biosciences from $25.00 to $33.00 and gave the company an “outperform” rating in a research report on Thursday, September 19th. Finally, HC Wainwright boosted their price objective on shares of Tyra Biosciences from $30.00 to $32.00 and gave the company a “buy” rating in a research report on Monday. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $31.40.

Get Our Latest Stock Analysis on Tyra Biosciences

Tyra Biosciences Stock Performance

The firm has a market capitalization of $875.06 million, a PE ratio of -10.78 and a beta of 1.01. The stock’s 50-day simple moving average is $22.84 and its 200-day simple moving average is $19.91.

Tyra Biosciences (NASDAQ:TYRA – Get Free Report) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($0.32) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.41) by $0.09. As a group, analysts predict that Tyra Biosciences, Inc. will post -1.53 earnings per share for the current fiscal year.

Insider Buying and Selling at Tyra Biosciences

In other news, CEO Todd Harris sold 10,092 shares of the firm’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $24.13, for a total transaction of $243,519.96. Following the completion of the transaction, the chief executive officer now directly owns 1,479,528 shares in the company, valued at $35,701,010.64. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Over the last 90 days, insiders sold 61,403 shares of company stock valued at $1,582,774. 15.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. SG Americas Securities LLC bought a new position in Tyra Biosciences in the 3rd quarter valued at approximately $311,000. Perceptive Advisors LLC raised its stake in shares of Tyra Biosciences by 50.5% in the second quarter. Perceptive Advisors LLC now owns 1,007,367 shares of the company’s stock worth $16,108,000 after purchasing an additional 338,208 shares during the last quarter. Ally Bridge Group NY LLC bought a new position in shares of Tyra Biosciences during the second quarter valued at $4,232,000. HighVista Strategies LLC purchased a new stake in shares of Tyra Biosciences during the second quarter valued at $257,000. Finally, Ensign Peak Advisors Inc bought a new stake in Tyra Biosciences in the 2nd quarter worth about $3,047,000. Institutional investors own 84.14% of the company’s stock.

About Tyra Biosciences

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