Tyra shares are having their best day in 10 months. Investors are awaiting new data on its drug

Shares of small-cap biotech company Tyra Biosciences soared more than 15% on September 4, marking their best performance in nearly 10 months. The company announced that on September 9, it will release the first data from a key study of its experimental bladder cancer drug.

Tyra shares rose more than 15% on September 4 on the Nasdaq, reaching $28.65. This marks the largest one-day gain in nearly 10 months, according to data from Stocktwits. In after-hours trading that same day, the stock rose another 2%. On Monday, September 7, U.S. stock exchanges are closed.

The company caught investors’ attention after announcing that on September 9, it would release preliminary data from the second, mid-stage, phase of a key clinical trial of its drug dabogratinib. This phase evaluates the efficacy and safety of its therapy in 40 patients with bladder cancer and a specific genetic mutation.

Tyra develops drugs for the treatment of cancer and genetic diseases. All of them are based on the company’s proprietary platform, which enables rapid modeling of drug structures and the prediction of genetic changes that could lead to resistance to existing treatments.

Dabogratinib is Tyra’s key development. The company is testing this oral medication in patients with a specific type of bladder cancer. These patients often face recurrences and repeat surgeries—dabogratinib could become the first targeted oral therapy for this type of cancer, the company wrote.

Experimental drugs based on the same active ingredient, Tyra, are being studied in earlier phases in patients with upper urinary tract cancer, as well as in children with achondroplasia — a hereditary genetic disorder that causes the most common form of dwarfism. All three conditions are caused by a mutation in the same gene.

On September 4, the day Tyra announced the date for the release of its clinical data, investment bank HC Wainwright & Co reaffirmed its “buy” rating on the company’s stock and its price target of $45. This estimate implies a 57% upside potential from the most recent closing price.

In total, Tyra’s stock has received 14 “buy” recommendations from Wall Street analysts and only one “hold” recommendation. The average price target is $50.8, which is 77% higher than the stock’s price on September 4.