Tyra Biosciences' Weak Investor Sentiment Reflects Macro Pressures, Renewed SURF-302 Concerns, BofA Says
Tyra Biosciences' (TYRA) weak investor sentiment reflects a mix of macro pressures, profit-taking, and renewed concerns around the SURF-302 update, although efficacy expectations appear appropriately framed, while safety should be manageable, BofA Securities said Wednesday.The update will likely go a long way toward validating dabogratinib's tolerability-driven differentiation thesis and, by extension, its potential in other FGFR3 settings, including upper tract urothelial carcinoma and achondroplasia. Hence, there is room for the shares to re-rate following the recent pullback, the brokerage said.Assuming similar efficacy and tolerability, key opinion leaders viewed oral dosing with dabogratinib as having an advantage over intravesical therapies due to patients' aversion to frequent catheterizations, highlighting a clear path to adoption in an older population, according to the note.Based on feedback from key opinion leaders, BofA raised its dabogratinib forecast in adjuvant non-muscle invasive bladder cancer to $1.8 billion in 2035, which, after applying its likelihood-of-success risk adjustment of 40%, results in adjusted sales of $719 million, the note added.BofA kept a buy rating on Tyra Biosciences and raised the price target to $42 from $37.Price: $26.30, Change: $+0.36, Percent Change: +1.39%
