BofA Upgrades Tyra Biosciences As Investors Focus On Preclinical Data Amid High Benchmarks Set By Johnson & Johnson's Drug
Portfolio Pulse from Vandana Singh
BofA Securities has upgraded Tyra Biosciences (NASDAQ:TYRA) from Neutral to Buy, raising the price target to $31 from $22. This upgrade is based on promising preclinical data for TYRA-300, a potential treatment for hypochondroplasia and urothelial carcinoma. The analyst notes that while Johnson & Johnson's (NYSE:JNJ) erdafitinib has set high efficacy benchmarks, its poor tolerability limits its use, suggesting TYRA-300's safety profile could be a key differentiator.
October 18, 2024 | 6:34 pm
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POSITIVE IMPACT
BofA Securities upgraded Tyra Biosciences to Buy, citing promising preclinical data for TYRA-300 and a potential competitive edge over J&J's erdafitinib due to better safety. The price target was raised to $31.
The upgrade by BofA and the increase in price target are likely to positively impact TYRA's stock price in the short term. The promising preclinical data for TYRA-300, especially its potential safety advantage over J&J's erdafitinib, adds to the positive sentiment.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Johnson & Johnson's erdafitinib, while effective, faces challenges due to poor tolerability, which could benefit competitors like Tyra Biosciences' TYRA-300 with better safety profiles.
J&J's erdafitinib, despite its efficacy, has poor tolerability, which could lead to a loss of market share if TYRA-300 proves to be a safer alternative. This could negatively impact JNJ's stock in the short term.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 50