Tyra has best day in 10 months after setting date for bladder cancer drug readout

Shares of small cap Tyra Biosciences surged more than 15% on Friday, posting their best performance in almost 10 months. The company said it would release initial data on Wednesday, September 9, from a key trial of its experimental bladder cancer drug.

Tyra gained more than 15% on the Nasdaq on Friday to $28.65 per share. This marked the biggest one-day gain in almost 10 months, according to Stocktwits data. The shares added another 2% in post-market trading. U.S. burses are shut on Monday for Labor Day.

The company announced it would release initial data on Wednesday, September 9, from a key phase II trial of dabogratinib. The study is evaluating the efficacy and safety of the treatment in 40 patients with bladder cancer driven by a specific genetic mutation.

Tyra develops treatments for cancer and genetically defined conditions. All are based on its proprietary platform, which allows it to rapidly model drug structures and predict genetic alterations that could cause resistance to existing treatments.

Dabogratinib is Tyra’s lead candidate. The oral drug is being tested in patients with a specific type of bladder cancer, who often face recurrent disease and repeated surgeries. Dabogratinib could become the first targeted oral therapy for this type of cancer, the company wrote.

In earlier-stage trials, Tyra is studying the same investigational drug in patients with upper urinary tract cancer and in children with achondroplasia, an inherited genetic condition that causes the most common form of dwarfism. All three conditions are caused by mutations in the same gene.

On Friday, H.C. Wainwright reiterated its “buy” rating on the stock at a target price of $45 per share. That implies 57% upside from the last close. Tyra stock has 14 “buy” calls from Wall Street analysts versus just one “hold.” The average target price is $50.80 per share, 77% above Friday's closing price.