Tyra Biosciences tumbles after cancer drug misses Wall Street expectations

** Shares of Tyra Biosciences TYRA.O fall 24.8% to $20.10 premarket

** Tyra says its experimental bladder cancer drug, dabogratinib, at a 60 mg dose shows a 57% three-month complete response rate

** Before the readout, analysts at Piper Sandler had set a "70% 3-month CR rate" as the primary "bar for success"

** Jefferies had modeled stock reactions ranging from "+20-30% if CR lands in the 70–79% range" to "–30% if 3mo CR <70%"

** The oral drug targets and blocks a faulty FGFR3 gene fueling tumor growth in patients with a form of low-grade bladder cancer

** Tyra also plans to engage health authorities on late-stage study design and dose selection

** As of last close, stock up 1.7% YTD