Why Is TYRA BIOSCIENCES INC (TYRA) Stock Down Today?

TYRA stock is up 6.95% today, closing at $23.54, following the release of initial data from its Phase 2 SURF302 trial for oral dabogratinib in intermediate risk non-muscle invasive bladder cancer (NMIBC). The trial reported a 79% overall response rate (ORR) and a 64% best overall complete response rate at the 60 mg QD dose. The company identified this dose as the candidate for a potential Phase 3 adjuvant trial. These results contrast with earlier disappointing data from the intermediate risk NMIBC trial that caused a 20% drop in the stock.

What Happened

Tyra Biosciences released a slide deck on the initial results of its SURF302 study, which evaluated oral dabogratinib in low-grade intermediate risk NMIBC patients with FGFR3-altered tumors. The study reported a 79% ORR and a 64% best overall complete response rate at the 60 mg QD dose. The company also noted a 100% ORR in patients with a single marker lesion and highlighted the favorable safety profile of the drug. These findings are being positioned as a significant improvement over the earlier Phase 2 results, which had shown adverse events and missed the 70% complete response target.

H.C. Wainwright recently lowered its price target for TYRA to $30 from $45. Despite this, the stock has rebounded sharply on the latest data, signaling renewed investor interest in the company’s pipeline.

What The Data Shows

Over the last eight trading sessions, TYRA has declined 7.5% from $25.03 to $23.17. The stock closed today at $23.54, still below its 52-week high of $40.65 but above its 52-week low of $11.70. On September 10, the stock printed three fresh 52-week lows and 22 fresh 52-week highs. The move today was accompanied by a surge in social media chatter, with one recent post highlighting the 79% ORR and 64% complete response rate.

What To Watch

The company has not announced upcoming earnings, but coverage breadth and analyst reactions will be key to monitor. The evolving narrative around dabogratinib’s potential in NMIBC will likely remain a focal point for investors.