--- title: "Is Tyra Biosciences (TYRA) Undervalued As SURF302 Data Expectations Lift Interest?" type: "News" locale: "en" url: "https://longbridge.com/en/news/298133664.md" description: "Tyra Biosciences (TYRA) stock rose ~15% ahead of Phase 2 SURF302 data for oral dabogratinib. Trading at $28.65, it holds a P/B ratio of 4.8x, below peers (7.8x) but above the US biotech average (2.5x). The company's cash reserves fund operations into late 2028. Despite strong recent returns, risks remain regarding clinical outcomes and pipeline costs." datetime: "2026-09-06T12:28:01.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/298133664.md) - [en](https://longbridge.com/en/news/298133664.md) - [zh-HK](https://longbridge.com/zh-HK/news/298133664.md) generator: "portal-rs" --- # Is Tyra Biosciences (TYRA) Undervalued As SURF302 Data Expectations Lift Interest? Tyra Biosciences (TYRA) is back in focus after its stock climbed about 15% ahead of initial Phase 2 SURF302 data for oral dabogratinib in intermediate risk non muscle invasive bladder cancer. The latest move in Tyra Biosciences comes on top of a 126.48% total shareholder return over the past year and a 94.50% total shareholder return over three years, while shorter term momentum also looks strong with a 30 day share price return of 8.07% and a 90 day share price return of 7.10% at a latest share price of $28.65. Recent interest has been driven by anticipation around the SURF302 Phase 2 data and the company’s update that its cash reserves are expected to fund operations into the second half of 2028, which together appear to be shifting how investors are pricing Tyra’s growth potential and clinical risk. See how other high growth, clinically focused biotechs compare to Tyra Biosciences by checking out the hand picked 18 high quality undiscovered gems in this space. Tyra Biosciences has already run hard into the SURF302 readout, so the trade off now is clear. Do you step in after this latest jump, or wait and risk missing more upside if the valuation still checks out? ## Preferred Price-to-Book Multiple of 4.8x: Is It Justified For Tyra Biosciences? With Tyra Biosciences now trading at $28.65, the stock is being valued at a P/B of 4.8x. That sits below the peer group used in the valuation checks, which sits at 7.8x, yet above the broader US biotechs industry average of 2.5x. The P/B ratio compares a company’s market value to its net assets. For a clinical stage biotech like Tyra Biosciences that reports no revenue and a net loss of $148.565m, P/B often becomes the primary shorthand investors use when there are no earnings or sales to anchor valuation. On the one hand, Tyra Biosciences screens as good value against its direct peer set on this metric with a 4.8x P/B versus 7.8x. On the other hand, it screens as expensive versus the wider US biotechs group that trades at 2.5x. That split underlines how much weight the market is putting on Tyra’s specific pipeline, cash runway to the second half of 2028, and analyst confidence rather than on current financials alone. Given this mix of signals, the next logical step is to see how that 4.8x stacks up against a more detailed valuation breakdown, including how asset values and future expectations compare across peers and the broader industry. See what the numbers say about this price — find out in our valuation breakdown. **Result: Price-to-book of 4.8x (ABOUT RIGHT)** However, Tyra Biosciences still faces clear risks if SURF302 data disappoints or if its clinical stage pipeline takes longer or costs more to progress than expected. Find out about the key risks to this Tyra Biosciences narrative. ## Next Steps With sentiment around Tyra Biosciences running high on both the opportunity and the risks, now is the time to check the data yourself and decide how you feel about the balance of risk and reward. To see both sides laid out clearly, start with the 1 key reward and 3 important warning signs. ## Looking for more investment ideas beyond Tyra Biosciences? If Tyra Biosciences has caught your attention, now is a good moment to widen your watchlist and compare it with other focused opportunities on Simply Wall Street. - Target potential mispricings by scanning a curated set of stronger balance sheet opportunities with the list of solid balance sheet and fundamentals (53 results). - Capture potential value by reviewing the 47 high quality undervalued stocks that combine quality fundamentals with attractive pricing. - Strengthen your income playbook by checking companies in the 11 dividend fortresses that offer higher yields with an emphasis on resilience. *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.* ### Valuation is complex, but we're here to simplify it. Discover if Tyra Biosciences might be undervalued or overvalued with our detailed analysis, featuring **fair value estimates, potential risks, dividends, insider trades, and its financial condition.** Access Free Analysis ### Related Stocks - [TYRA.US](https://longbridge.com/en/quote/TYRA.US.md) ## Related News & Research - [Tyra Biosciences: Buy Rating Reiterated as SURF302 Data Upside Beckons; 12‑Month Price Target Maintained at $45](https://longbridge.com/en/news/298055291.md) - [Tyra Biosciences to present initial Phase 2 SURF302 data for oral dabogratinib in intermediate-risk bladder cancer on Sept. 9](https://longbridge.com/en/news/298034950.md) - [TYRA BIOSCIENCES AND BCAN ESTABLISH MAY 21 AS UPPER TRACT UROTHELIAL CANCER (UTUC) AWARENESS DAY | TYRA Stock News](https://longbridge.com/en/news/287215316.md) - [Walleye Capital LLC Acquires Shares of 347,898 Tyra Biosciences, Inc. $TYRA](https://longbridge.com/en/news/295998857.md) - [Tango Therapeutics (TNGX) Stock Looks Stretched After Its 236% Run](https://longbridge.com/en/news/297812050.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**