Tyra Biosciences assumed with an Overweight at Piper Sandler

Piper Sandler analyst Allison Bratzel assumed coverage of Tyra Biosciences (TYRA) with an Overweight rating and $33 price target The firm cites the “promising data to date” for the company’s lead asset TYRA-300 in metastatic urothelial carcinoma and upcoming key expansion opportunities into achondroplasia and non-muscle invasive bladder cancer for the Overweight rating. By targeting FGFR3 with high selectivity over other FGFRs, TYRA-300’s profile is emerging as safer and more efficacious than current pan-FGFR inhibitors with low therapeutic windows and significant toxicities, the analyst tells investors in a research note.