Lyra Therapeutics (NASDAQ:LYRA) Given “Neutral” Rating at BTIG Research

Lyra Therapeutics (NASDAQ:LYRA)‘s stock had its “neutral” rating reaffirmed by equities research analysts at BTIG Research in a report issued on Monday, Benzinga reports.

Other research analysts have also recently issued reports about the stock. Bank of America dropped their target price on shares of Lyra Therapeutics from $12.00 to $11.00 and set a “buy” rating on the stock in a report on Monday, March 25th. HC Wainwright reissued a “buy” rating and issued a $12.00 price objective on shares of Lyra Therapeutics in a research note on Wednesday, May 1st. William Blair cut Lyra Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Monday. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Lyra Therapeutics in a research report on Friday, January 12th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, Lyra Therapeutics has an average rating of “Moderate Buy” and an average target price of $12.67.

Lyra Therapeutics Trading Down 87.6 %

Shares of NASDAQ:LYRA traded down $3.53 during trading on Monday, reaching $0.50. The company’s stock had a trading volume of 99,864,468 shares, compared to its average volume of 1,460,057. The stock has a market capitalization of $30.49 million, a PE ratio of -0.42 and a beta of 0.31. Lyra Therapeutics has a 12 month low of $0.36 and a 12 month high of $6.79. The firm’s 50 day simple moving average is $5.52 and its two-hundred day simple moving average is $4.68.

Lyra Therapeutics (NASDAQ:LYRA) last issued its quarterly earnings results on Tuesday, April 30th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.09). The company had revenue of $0.53 million during the quarter, compared to the consensus estimate of $0.40 million. Lyra Therapeutics had a negative return on equity of 77.34% and a negative net margin of 4,099.82%. Research analysts anticipate that Lyra Therapeutics will post -1.28 EPS for the current fiscal year.

Hedge Funds Weigh In On Lyra Therapeutics

A number of large investors have recently bought and sold shares of the business. Vestal Point Capital LP acquired a new stake in Lyra Therapeutics in the 4th quarter worth about $15,720,000. Parkman Healthcare Partners LLC lifted its stake in Lyra Therapeutics by 20.8% in the 4th quarter. Parkman Healthcare Partners LLC now owns 754,885 shares of the company’s stock worth $3,956,000 after purchasing an additional 129,829 shares in the last quarter. Citigroup Inc. acquired a new position in shares of Lyra Therapeutics during the 3rd quarter worth approximately $265,000. Prescott Group Capital Management L.L.C. purchased a new stake in shares of Lyra Therapeutics in the third quarter valued at approximately $117,000. Finally, Bank of New York Mellon Corp acquired a new stake in shares of Lyra Therapeutics in the third quarter valued at approximately $73,000. Institutional investors and hedge funds own 95.62% of the company’s stock.

Lyra Therapeutics Company Profile

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.