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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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
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