Tyra Biosciences (NASDAQ:TYRA) Shares Down 5% - Here's Why

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

Analysts Set New Price Targets

TYRA has been the subject of a number of analyst reports. Wedbush reissued an "outperform" rating and issued a $28.00 price target on shares of Tyra Biosciences in a research report on Friday, October 25th. Piper Sandler began coverage on Tyra Biosciences in a report on Thursday, August 15th. They set an "overweight" rating and a $33.00 price target on the stock. Bank of America upgraded shares of Tyra Biosciences from a "neutral" rating to a "buy" rating and boosted their target price for the company from $22.00 to $31.00 in a research note on Friday, October 18th. Oppenheimer lifted their price target on shares of Tyra Biosciences from $25.00 to $33.00 and gave the stock an "outperform" rating in a report on Thursday, September 19th. Finally, HC Wainwright reduced their price objective on Tyra Biosciences from $32.00 to $30.00 and set a "buy" rating for the company in a report on Monday. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Tyra Biosciences presently has a consensus rating of "Buy" and a consensus price target of $31.00.

Tyra Biosciences Stock Down 5.8 %

The company has a market cap of $778.78 million, a P/E ratio of -9.56 and a beta of 1.08. The firm's 50-day moving average price is $21.31 and its 200-day moving average price is $19.95.

Tyra Biosciences (NASDAQ:TYRA - Get Free Report) last posted its earnings results on Thursday, November 7th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.40) by ($0.01). As a group, analysts forecast that Tyra Biosciences, Inc. will post -1.57 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Todd Harris sold 5,698 shares of the company's stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $24.31, for a total value of $138,518.38. Following the transaction, the chief executive officer now owns 1,496,729 shares of the company's stock, valued at approximately $36,385,481.99. This represents a 0.38 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Nina S. Kjellson sold 27,493 shares of Tyra Biosciences stock in a transaction on Friday, November 1st. The shares were sold at an average price of $16.56, for a total value of $455,284.08. Following the sale, the director now directly owns 458,506 shares of the company's stock, valued at $7,592,859.36. This represents a 5.66 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 101,050 shares of company stock valued at $2,235,492. Corporate insiders own 15.40% of the company's stock.

Institutional Investors Weigh In On Tyra Biosciences

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. HighVista Strategies LLC bought a new position in shares of Tyra Biosciences in the 2nd quarter worth $257,000. Valence8 US LP purchased a new position in shares of Tyra Biosciences during the third quarter worth approximately $310,000. SG Americas Securities LLC bought a new position in shares of Tyra Biosciences during the third quarter valued at about $311,000. The Manufacturers Life Insurance Company bought a new position in Tyra Biosciences during the 3rd quarter worth approximately $333,000. Finally, Rhumbline Advisers increased its stake in shares of 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 buying an additional 2,574 shares during the period. 84.14% of the stock is owned by hedge funds and other institutional investors.

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.