On Friday, Piper Sandler announced a significant increase in its price target for Tyra Biosciences (NASDAQ: TYRA), raising it to $42.00 from the previous $33.00. This adjustment translates to an anticipated upside of roughly 36% compared to Tyra’s current trading price near $30.91, which itself hovers just below the stock's 52-week peak of $31.43.
The brokerage’s bullish stance is chiefly driven by the potential of Tyra’s lead compound, dabogratinib. This selective FGFR3 inhibitor is viewed by Piper Sandler as potentially best-in-class across three high-value indications linked to FGFR3 genetic alterations: achondroplasia, intermediate-risk non-muscle invasive bladder cancer (IR-NMIBC), and low-grade upper tract urothelial carcinoma (LG-UTUC). These therapeutic targets represent substantial market opportunities given the unmet medical needs.
Financially, Piper Sandler highlights Tyra's robust liquidity, pointing to an exceptionally high current ratio of 17.71. This metric indicates that the company's liquid assets substantially surpass its short-term liabilities, positioning Tyra well for its clinical and operational activities ahead.
Looking forward, the research firm focuses on imminent catalysts set to influence trading sentiment and valuation. Specifically, pivotal clinical trial data for IR-NMIBC is expected by the late first half of 2026, while results for achondroplasia are anticipated in the second half of that year. These forthcoming data releases are regarded as key inflection points for investors evaluating Tyra’s growth trajectory.
Despite Tyra’s shares having surged about 86% in the past two months, Piper Sandler maintains a positive outlook, suggesting that meaningful upside remains. The firm also underscores the market’s current underestimation of the LG-UTUC opportunity, a first-to-market indication that has prompted adjustments to their financial models to better capture the potential revenue streams.
However, investors should be mindful that, as of now, Tyra Biosciences is not yet profitable. According to InvestingPro analytics, consensus does not expect the company to reach profitability this year, reflecting the typical financial profile of a development-stage biotech in this phase.
Additional analyst interest has been notable, as evidenced by recent moves from other brokerages. Wedbush recently increased its price target for Tyra Biosciences shares to $37 from $30, maintaining an Outperform rating, and added the stock to its Best Ideas List. This endorsement reflects anticipation around Phase 2 trial readouts in bladder cancer and achondroplasia slated for 2026.
Furthermore, Goldman Sachs has initiated coverage on Tyra Biosciences with an "Early-Stage Biotech" rating. The firm highlighted Tyra's proprietary SNAP platform, designed to develop precision medicines focused particularly on FGFR-driven diseases, including bladder cancer and achondroplasia.
In parallel with financial and clinical developments, Tyra has been enhancing its internal leadership structure. The company announced the appointments of Bhavesh Ashar as Chief Operating Officer and Heather Faulds as Chief Regulatory Officer, with Faulds scheduled to join the company in December 2025. These strategic hires are intended to strengthen Tyra’s operational execution and regulatory navigation capabilities, supporting pipeline progression and upcoming clinical milestones.
Taken together, these factors indicate Tyra Biosciences is aggressively advancing its clinical programs and corporate infrastructure, setting a foundation for growth potential in several FGFR3-driven indications over the next few years.