Piper Sandler’s renewed Overweight view on Tyra Biosciences (TYRA) centers on dabogratinib’s potential across FGFR3-driven conditions, highlighting 2026 data readouts in achondroplasia and bladder cancer, along with recent leadership hires that are now in sharper focus.

Tyra’s share price has seen strong momentum recently, with a 16.22% 1 month share price return and a 107.21% 3 month share price return. The 1 year total shareholder return of 94.65% and 3 year total shareholder return of about 2.5x suggest investors have already responded strongly to clinical progress and the renewed focus on dabogratinib.

If Tyra’s pipeline has caught your eye, this could be a good moment to scan other specialist drug developers through healthcare stocks and see what else fits your watchlist.

With Tyra now trading at US$30.17 and sitting about 16% below the average analyst price target of US$34.86, the main question is whether recent gains leave further upside or if the market already reflects future growth.

Preferred Price-to-Book of 5.7x: Is it justified?

Tyra Biosciences currently trades on a P/B of 5.7x, which sits close to peer levels but above the broader US Biotechs industry average.

P/B compares a company’s market value to its book value. For a pre revenue, loss making biotech like Tyra, it often reflects how investors view the potential of the pipeline and balance sheet strength rather than current earnings power.

Tyra’s P/B of 5.7x is described as expensive versus the US Biotechs industry average of 2.7x. However, it is considered good value against a peer average of 6.1x, which suggests the market is pricing Tyra more like its closer comparables than the sector as a whole.

Against the wider industry, Tyra’s valuation looks punchy, trading at more than double the sector’s 2.7x P/B. Within its selected peer group, however, the 5.7x multiple is slightly lower than the 6.1x peer average, pointing to a relative discount inside that narrower set.

Result: Price-to-book of 5.7x (ABOUT RIGHT)

However, you still have to weigh the clinical and regulatory uncertainty around TYRA 300 and TYRA 200, along with ongoing losses of US$111.684 million.

Build Your Own Tyra Biosciences Narrative

If you want to look at the numbers differently or prefer to rely on your own work, you can build a fresh view in just a few minutes with Do it your way.

A great starting point for your Tyra Biosciences research is our analysis highlighting 3 important warning signs that could impact your investment decision.

Looking for more investment ideas?

If Tyra is on your radar, do not stop there. Widening your search now gives you a better shot at spotting the next opportunity before the crowd.

• Spot potential mispricing by checking these 887 undervalued stocks based on cash flows that line up with strong cash flow support for their current market prices.
• Target income-focused opportunities by scanning these 13 dividend stocks with yields > 3% that already offer yields above 3%.
• Lean into growth potential by reviewing these 23 AI penny stocks that are tied to advances in artificial intelligence.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.