Lyra Therapeutics (NASDAQ:LYRA) Price Target Cut to $11.00 by Analysts at Bank of America

Lyra Therapeutics (NASDAQ:LYRA) had its price objective reduced by Bank of America from $12.00 to $11.00 in a research note issued to investors on Monday, Benzinga reports. They currently have a buy rating on the stock.

Several other equities research analysts have also issued reports on the stock. HC Wainwright reiterated a buy rating and set a $12.00 target price on shares of Lyra Therapeutics in a research report on Friday, March 22nd. Cantor Fitzgerald restated an overweight rating on shares of Lyra Therapeutics in a report on Friday, January 12th.

Lyra Therapeutics Price Performance

Shares of Lyra Therapeutics stock opened at $6.22 on Monday. Lyra Therapeutics has a 1 year low of $1.91 and a 1 year high of $6.79. The firm has a market cap of $371.58 million, a PE ratio of -4.82 and a beta of 0.20. The company has a 50 day simple moving average of $5.34 and a two-hundred day simple moving average of $4.45.

Institutional Investors Weigh In On Lyra Therapeutics

Hedge funds have recently made changes to their positions in the business. Tower Research Capital LLC TRC lifted its holdings in shares of Lyra Therapeutics by 368.9% in the 3rd quarter. Tower Research Capital LLC TRC now owns 6,762 shares of the company’s stock worth $26,000 after acquiring an additional 5,320 shares during the last quarter. JPMorgan Chase & Co. increased its stake in shares of Lyra Therapeutics by 813.9% in the first quarter. JPMorgan Chase & Co. now owns 7,759 shares of the company’s stock worth $31,000 after buying an additional 6,910 shares during the period. Heritage Wealth Management Inc. Texas purchased a new position in shares of Lyra Therapeutics in the fourth quarter worth $52,000. Goldman Sachs Group Inc. purchased a new position in shares of Lyra Therapeutics in the fourth quarter worth $68,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Lyra Therapeutics in the third quarter worth $73,000. 95.62% of the stock is currently owned by institutional investors.

About Lyra Therapeutics

Lyra Therapeutics, Inc, a clinical-stage biotechnology company, focuses on the development and commercialization of novel integrated drug and delivery solutions for the localized treatment of patients with ear, nose, and throat diseases. It's XTreo technology platform is designed to deliver medicines directly to the affected tissue for sustained periods with a single administration.