Tyra Biosciences (TYRA) Plunges 4.34% Amid FDA Designation

Tyra Biosciences (TYRA) shares plummeted 4.34% today, marking the seventh consecutive day of decline, with a total drop of 27.74% over the past week. The stock price hit its lowest level since January 2023, experiencing an intraday decline of 5.56%.

Tyra Biosciences recently announced that the U.S. Food and Drug Administration (FDA) has granted Orphan Drug Designation to TYRA-300 for the treatment of achondroplasia. This designation is significant as it could potentially increase investor interest and optimism regarding the company's future prospects in addressing this condition, which has substantial unmet medical needs. Achondroplasia is the most common form of dwarfism, and there are currently no approved treatments for it. The Orphan Drug Designation provides Tyra Biosciences with several benefits, including tax credits for clinical trial costs, waiver of the FDA user fee, and seven years of market exclusivity upon approval. This designation could potentially drive up the stock price as investors anticipate the company's progress in developing TYRA-300 and its potential market impact.