Sep. 10 at 12:37 PM
Oppenheimer⬆️the PT on
$TYRA to
$36 from
$30 reiterated at an Outperform and said, we hosted
$TYRA for meetings in Boston on Monday. [
$REGN $PFE $RHHBY $MRK BMY ]
In each meeting, management made the case for why dabogratinib's combined market opportunity exceeds
$10B. That's nearly Regeneron-esque revenues. Despite that, investors still complain that all the major catalysts aren't until 2026. Fine. But don't expect to find shares at this price -with a sub-
$500M enterprise value-next year.
This is one of the most de-risked stories we've ever covered because the roles that FGFR3 plays in both cancer and bone growth are so well-validated. What we hadn't truly appreciated was the sheer size of the market.
We are revamping our model to increase peak sales in both NMIBC and Achondroplasia, while still feeling that our numbers leave room for upside. Reiterate Outperform; PT to
$36.
