Analyst move and market context
Raymond James has increased its price target for Tyra Biosciences to $55.00 from $35.00 while maintaining a Strong Buy recommendation. The revised target implies notable upside relative to Tyra's most recent share price of $31.08, which sits close to the company’s 52-week high of $32.44 following a roughly 104% gain over the past 12 months. A Fair Value assessment indicates the stock may be trading somewhat above intrinsic value.
Why the change: UTUC added to the model
The firm said the principal reason for the target lift was the inclusion of estimates for upper tract urothelial carcinoma - UTUC - within its financial model for dabogratinib, Tyra’s lead clinical asset. Tyra has launched a Phase 2 study of dabogratinib in UTUC, which the firm characterized as a relatively small U.S. patient population, roughly 3,000 patients. Raymond James now views UTUC as a potential early approval opportunity for dabogratinib.
Timing and indication sequencing
Raymond James anticipates that UTUC could become the first approved indication for dabogratinib, potentially in early 2028, slightly ahead of the timeline it expects for non-muscle invasive bladder cancer (NMIBC). Alongside the addition of the UTUC opportunity, the analyst team adjusted pricing assumptions higher to reflect a premium pricing approach tied to unmet needs in both UTUC and NMIBC.
Revenue projections
The updated financial model forecasts combined bladder cancer revenues (UTUC plus NMIBC) of $204 million in fiscal 2029, $439 million in 2030, $717 million in 2031, and $1.132 billion in 2032. Raymond James further indicated that initial NMIBC clinical readouts, expected in the first half of 2026, could justify additional multiple expansion and support the firm’s new $55 target.
Other analyst actions and company developments
Several other firms have recently revised their views on Tyra. Piper Sandler raised its price target to $42 and maintained an Overweight rating, citing the potential of dabogratinib. Wedbush lifted its target to $37, pointing to the company’s pipeline and upcoming Phase 2 data in bladder cancer and achondroplasia slated for 2026. Goldman Sachs initiated coverage of Tyra with an "Early-Stage Biotech" designation, calling attention to the company’s SNAP platform for developing precision medicines.
Separately, Tyra announced executive appointments aimed at strengthening its operating and regulatory capabilities: Bhavesh Ashar was named Chief Operating Officer, and Heather Faulds was named Chief Regulatory Officer, with Faulds scheduled to join in December 2025. The firm described these hires as part of a broader effort to bolster the leadership team.
What to watch next
Key near-term catalysts identified in the report include the forthcoming NMIBC readouts in H1 2026 and the progression of the Phase 2 UTUC study. The company’s ability to realize premium pricing and secure regulatory approvals on the timelines outlined will be critical to achieving the revenue milestones modeled by Raymond James.