Tyra Biosciences (NASDAQ:TYRA) Stock Price Down 5% – Here’s Why

Tyra Biosciences, Inc. (NASDAQ:TYRA) shares dropped 5% during trading on Friday . The stock traded as low as $15.42 and last traded at $15.52. Approximately 12,852 shares changed hands during mid-day trading, a decline of 93% from the average daily volume of 190,734 shares. The stock had previously closed at $16.34.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. HC Wainwright lowered their price objective on shares of Tyra Biosciences from $32.00 to $30.00 and set a “buy” rating on the stock in a report on Monday. Bank of America raised shares of Tyra Biosciences from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $22.00 to $31.00 in a research report on Friday, October 18th. Piper Sandler initiated coverage on Tyra Biosciences in a report on Thursday, August 15th. They issued an “overweight” rating and a $33.00 price objective for the company. Oppenheimer boosted their target price on shares of Tyra Biosciences from $25.00 to $33.00 and gave the company an “outperform” rating in a report on Thursday, September 19th. Finally, Wedbush reiterated an “outperform” rating and set a $28.00 price target on shares of Tyra Biosciences in a research report on Friday, October 25th. Five investment analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $31.00.

Tyra Biosciences Stock Performance

The firm’s 50 day moving average price is $21.51 and its 200 day moving average price is $19.98.

Tyra Biosciences (NASDAQ:TYRA) last released its quarterly earnings results on Thursday, November 7th. The company reported ($0.41) EPS for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.01). On average, sell-side analysts predict that Tyra Biosciences, Inc. will post -1.57 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Todd Harris sold 5,698 shares of the company’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $24.31, for a total value of $138,518.38. Following the sale, the chief executive officer now directly owns 1,496,729 shares of the company’s stock, valued at $36,385,481.99. This represents a 0.38 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Alan Fuhrman purchased 9,500 shares of the stock in a transaction that occurred on Wednesday, October 30th. The shares were acquired at an average cost of $16.00 per share, with a total value of $152,000.00. Following the completion of the transaction, the chief financial officer now owns 12,849 shares in the company, valued at $205,584. This trade represents a 283.67 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 101,050 shares of company stock worth $2,235,492 over the last three months. Company insiders own 15.40% of the company’s stock.

Institutional Trading of Tyra Biosciences

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Rhumbline Advisers boosted its holdings in Tyra Biosciences by 12.3% in the second quarter. Rhumbline Advisers now owns 23,572 shares of the company’s stock worth $377,000 after acquiring an additional 2,574 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Tyra Biosciences by 2.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 173,737 shares of the company’s stock worth $4,085,000 after purchasing an additional 3,792 shares in the last quarter. Ally Bridge Group NY LLC increased its stake in Tyra Biosciences by 2.0% during the 3rd quarter. Ally Bridge Group NY LLC now owns 270,075 shares of the company’s stock valued at $6,349,000 after purchasing an additional 5,415 shares in the last quarter. Oppenheimer & Co. Inc. raised its holdings in Tyra Biosciences by 9.0% in the third quarter. Oppenheimer & Co. Inc. now owns 76,806 shares of the company’s stock worth $1,806,000 after buying an additional 6,318 shares during the last quarter. Finally, Jennison Associates LLC lifted its stake in shares of Tyra Biosciences by 5.9% in the third quarter. Jennison Associates LLC now owns 158,187 shares of the company’s stock worth $3,719,000 after buying an additional 8,837 shares in the last quarter. Hedge funds and other institutional investors own 84.14% of the company’s stock.

Tyra Biosciences Company Profile

Tyra Biosciences, Inc, a clinical-stage biotechnology company, develops precision medicines for fibroblast growth factor receptor (FGFR) biology in the United States. The company offers SNÅP, a precision medicine platform that enables drug design through iterative molecular snapshots to predict genetic alterations for developing therapies targeting oncology and genetically defined conditions.