Lyra Therapeutics (NASDAQ:LYRA) Downgraded to “Underperform” at Bank of America

Lyra Therapeutics (NASDAQ:LYRA) was downgraded by Bank of America from a “buy” rating to an “underperform” rating in a research note issued on Tuesday, Marketbeat reports.

A number of other research firms have also recently commented on LYRA. Cantor Fitzgerald reiterated an “overweight” rating on shares of Lyra Therapeutics in a report on Friday, January 12th. William Blair lowered Lyra Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Monday. HC Wainwright reissued a “buy” rating and set a $12.00 price objective on shares of Lyra Therapeutics in a research report on Wednesday, May 1st. Finally, BTIG Research restated a “neutral” rating on shares of Lyra Therapeutics in a report on Monday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $7.13.

Lyra Therapeutics Stock Down 7.2 %

Shares of LYRA opened at $0.39 on Tuesday. Lyra Therapeutics has a 52-week low of $0.36 and a 52-week high of $6.79. The stock has a fifty day simple moving average of $5.22 and a two-hundred day simple moving average of $4.61. The company has a market capitalization of $23.77 million, a PE ratio of -0.32 and a beta of 0.31.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp purchased a new stake in shares of Lyra Therapeutics in the 3rd quarter valued at $73,000. Citigroup Inc. acquired a new position in Lyra Therapeutics in the 3rd quarter valued at about $265,000. Prescott Group Capital Management L.L.C. purchased a new stake in Lyra Therapeutics during the third quarter worth about $117,000. Heritage Wealth Management Inc. Texas acquired a new stake in shares of Lyra Therapeutics during the fourth quarter worth about $52,000. Finally, Parkman Healthcare Partners LLC boosted its stake in shares of Lyra Therapeutics by 20.8% in the fourth quarter. Parkman Healthcare Partners LLC now owns 754,885 shares of the company’s stock valued at $3,956,000 after purchasing an additional 129,829 shares during the period. 95.62% of the stock is currently owned by hedge funds and other 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.