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

TYRA stock is up 4.88% at $23.09 after opening at $21.97. The move follows the release of initial Phase 2 SURF302 trial results for dabogratinib in low-grade intermediate risk non-muscle invasive bladder cancer (LG IR NMIBC). The data showed a 79% overall response rate (ORR) and a 64% best overall complete response rate at 60 mg QD. These results were cited as favorable in terms of safety and efficacy, supporting the identification of 60 mg as the adjuvant dose for Phase 3 trials.

What Happened

Tyra Biosciences released initial data from the Phase 2 SURF302 trial of oral dabogratinib in FGFR3-altered LG IR NMIBC. The trial showed a 79% ORR and 64% complete response rate at the 60 mg QD dose. Additionally, the company reported a 100% ORR in single marker lesion patients. These findings were presented in a slide deck published by the company and cited in a tweet from the retail crowd, which highlighted the positive efficacy and safety profile of the drug. The stock had previously fallen sharply after earlier data failed to meet key endpoints, but the latest results have sparked renewed investor interest.

What The Data Shows

The stock opened at $21.97 and reached a session high of $23.17 at 10:20 AM ET. It traded as low as $21.27 at 9:40 AM ET before closing the session at $23.16. The intraday volume was 0.2 million shares, which is 0.2 times the 3-month daily average. The stock has traded between $11.70 and $40.65 over the past 52 weeks and has declined 16.2% over the last 8 sessions. Unusual options activity was noted, with a notable put premium of $262K. The 52-week tape also showed three fresh 52-week lows and 15 fresh 52-week highs on September 10.

What To Watch

Tyra Biosciences has not scheduled earnings in the near term. Investors should monitor the breadth of coverage and analyst commentary as the company moves forward with its Phase 3 adjuvant dose trials for dabogratinib.