Biotech stocks Contineum Therapeutics and Tyra Biosciences see volatility

Contineum Therapeutics (NASDAQ: CTNM) saw its shares gap down to an opening of $14.97 after a previous close of $15.94. Despite the price movement, several analysts have recently adjusted their outlooks. Morgan Stanley raised its price objective from $14.00 to $16.00 with an 'equal weight' rating, while Royal Bank of Canada increased its target from $22.00 to $23.00 with an 'outperform' rating. The company's most recent quarterly earnings reported an EPS of ($0.40), which exceeded analyst estimates of ($0.45).

Tyra Biosciences experienced a stock decline of over 20% following the release of Phase 2 clinical data for its drug candidate, dabogratinib. The study, focused on FGFR3-altered IR NMIBC, failed to meet the targeted 70% complete response (CR) rate for the broader cohort, although it showed a 75% CR in single-marker lesion patients at 60mg. While the efficacy results faced scrutiny, the safety profile was reported as favorable with no Grade 4/5 treatment-emergent adverse events (TEAEs).