Nina S. Kjellson, a director at Tyra Biosciences, Inc. (NASDAQ:TYRA), has recently sold shares of the company in a series of transactions. The sales, which took place on November 4 and 5, involved a total of 11,569 shares of common stock, yielding approximately $194,248. The shares were sold at prices ranging from $16.7683 to $17.006 per share.
Following these transactions, Kjellson holds a total of 3,802,447 shares indirectly through Canaan XI L.P. and 457,264 shares through 2020+ Co-Investment L.P. - Series 7. These transactions reflect a strategic move in the management of her holdings in the pharmaceutical company based in Carlsbad, California.
In other recent news, Tyra Biosciences has received FDA clearance to advance its drug candidate TYRA-300 into the BEACH301 study. The clinical trial aims to evaluate the treatment in children diagnosed with achondroplasia. Piper Sandler has maintained its Overweight rating on Tyra Biosciences, following the FDA clearance. The firm also expects the company to submit an Investigational New Drug application for TYRA-300 in non-muscle invasive bladder cancer by the end of the year. H.C. Wainwright raised its price target for Tyra Biosciences to $32, based on preliminary results from its SURF-301 Phase 1/2 trial of TYRA-300. TD Cowen reaffirmed its Buy rating on the company's shares following a reported 55% objective response rate for TYRA-300. Tyra Biosciences' revenue is projected to grow to approximately $2.5 billion by 2035, according to estimates from Piper Sandler. The company has also made significant appointments, including Doug Warner as its new Chief Medical (TASE:PMCN) Officer and the addition of Susan Moran, M.D., M.S.C.E., and S. Michael Rothenberg, M.D., Ph.D., to its board as independent directors.
InvestingPro Insights
As Nina S. Kjellson adjusts her stake in Tyra Biosciences, Inc. (NASDAQ:TYRA), investors might find additional context from InvestingPro's data and tips valuable. The company's market capitalization stands at $885.03 million, reflecting its current position in the biotech sector.
InvestingPro Tips highlight that Tyra Biosciences holds more cash than debt on its balance sheet, suggesting a strong liquidity position. This aligns with another tip indicating that the company's liquid assets exceed short-term obligations, potentially providing a buffer for ongoing research and development activities typical in the pharmaceutical industry.
Despite these positive financial indicators, InvestingPro Data shows that Tyra Biosciences has an adjusted P/E ratio of -10.93 for the last twelve months as of Q2 2024, indicating that the company is not currently profitable. This is further supported by the operating income of -$95.45 million over the same period. These figures contextualize Kjellson's recent stock sales and may reflect the long-term investment horizon often required in biotech firms.
It's worth noting that while the stock has seen a 40.79% price return over the past year, it has experienced a -17.85% return in the last month. This recent downturn could be a factor in the timing of the insider's decision to sell shares.
For investors seeking a more comprehensive analysis, InvestingPro offers 7 additional tips for Tyra Biosciences, providing a deeper dive into the company's financial health and market position.
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