Tyra Biosciences upgraded to Buy from Neutral at BofA

BofA upgraded Tyra Biosciences (TYRA) to Buy from Neutral with a price target of $31, up from $22. Despite “positive pre-clinical hints,” next week will be when the Street is expected to get a first look at clinical data with the presentation of the Phase 1/2 SURF-301 data for TYRA-300 for UC and solid tumors at the ENA meeting, the analyst tells investors. While admitting that “handicapping early data is difficult,” after conferring with the firm’s consultants, BofA sees the potential for lower rates of hyperphosphatemia and based on physician feedback has revised its model. Despite the recent strength, the firm still sees potential upside for Tyra shares on a positive read-out, the analyst added.