Tyra Biosciences rises after $400 mln equity raise
BUZZ-Tyra Biosciences rises after $400 mln equity raise ** Tyra Biosciences' TYRA.O shares up 4.4% at $23 before the bell on Mon after securing $400 mln equity raise
** Carlsbad, California-based biotech announces offering of ~9.1 mln shares and pre-funded warrants to buy ~9.1 mln shares
** Offering price of $22.03 matches stock's last sale on Fri
** Co intends to use net offering proceeds to advance its dabogratinib development strategy for bladder cancers and achondroplasia, a rare genetic condition that affects bone growth, among other purposes
** Jefferies, Guggenheim, Cantor Fitzgerald, Barclays and William Blair are joint bookrunners
** On Weds, TYRA shares tumbled nearly 18% to close at $22.01 after dabogratinib missed Wall Street's expectations in Phase 2 study evaluating the drug in bladder cancers
** Co has ~59.7 mln shares outstanding for roughly $1.3 bln market cap
** 15 of 16 analysts rate the stock "strong buy" or "buy", 1 "hold"; median PT $53, per LSEG data
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))