Lyra Therapeutics, Inc. (NASDAQ:LYRA) Sees Large Drop in Short Interest

Lyra Therapeutics, Inc. (NASDAQ:LYRA) saw a significant decrease in short interest in the month of February. As of February 27th, there was short interest totaling 16,533 shares, a decrease of 70.7% from the February 12th total of 56,490 shares. Based on an average daily trading volume, of 33,406 shares, the days-to-cover ratio is presently 0.5 days. Currently, 1.0% of the shares of the stock are short sold. Currently, 1.0% of the shares of the stock are short sold. Based on an average daily trading volume, of 33,406 shares, the days-to-cover ratio is presently 0.5 days.

Lyra Therapeutics Price Performance

NASDAQ:LYRA traded up $0.03 during trading hours on Thursday, reaching $1.34. 8,143 shares of the company were exchanged, compared to its average volume of 93,061. The firm has a market cap of $2.38 million and a price-to-earnings ratio of -0.06. The stock has a 50 day simple moving average of $1.89 and a 200 day simple moving average of $4.20. Lyra Therapeutics has a 52-week low of $0.91 and a 52-week high of $37.50.

Institutional Investors Weigh In On Lyra Therapeutics

Institutional investors have recently added to or reduced their stakes in the company. Sabby Management LLC grew its holdings in Lyra Therapeutics by 37.2% during the 4th quarter. Sabby Management LLC now owns 175,158 shares of the company’s stock valued at $539,000 after purchasing an additional 47,534 shares in the last quarter. Citadel Advisors LLC acquired a new position in Lyra Therapeutics in the 3rd quarter worth $128,000. DRW Securities LLC purchased a new position in Lyra Therapeutics in the 4th quarter valued at about $52,000. Artia Global Partners LP purchased a new position in Lyra Therapeutics in the 4th quarter valued at about $27,000. Finally, Bank of America Corp DE grew its stake in shares of Lyra Therapeutics by 33.7% during the second quarter. Bank of America Corp DE now owns 28,542 shares of the company’s stock valued at $256,000 after acquiring an additional 7,190 shares in the last quarter. Hedge funds and other institutional investors own 95.62% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Lyra Therapeutics in a research report on Thursday, January 22nd. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Reduce” and an average target price of $100.00.

About Lyra Therapeutics

Lyra Therapeutics is a clinical-stage biopharmaceutical company dedicated to developing targeted drug delivery therapies for diseases of the ear, nose and throat (ENT). Leveraging its proprietary Therapeutic Drug Delivery (TDD) platform, the company designs bioresorbable, steroid-eluting implants that provide sustained, localized release of medication directly to affected tissue. This approach aims to improve patient outcomes by reducing the need for repeated administration and minimizing systemic side effects.

The company’s lead product candidate, LYR-210, is an implantable matrix that delivers the corticosteroid mometasone furoate over several months to treat chronic rhinosinusitis (CRS).