William Blair Reaffirms Outperform Rating for Lyra Therapeutics (NASDAQ:LYRA)

Lyra Therapeutics (NASDAQ:LYRAGet Rating)‘s stock had its “outperform” rating reaffirmed by analysts at William Blair in a note issued to investors on Tuesday, Zacks.com reports.

Separately, Zacks Investment Research cut shares of Lyra Therapeutics from a “hold” rating to a “sell” rating in a research report on Friday, March 11th.

NASDAQ:LYRA opened at $4.85 on Tuesday. The firm has a market capitalization of $63.10 million, a PE ratio of -1.45 and a beta of -1.10. The stock’s fifty day moving average is $5.06 and its 200 day moving average is $5.12. Lyra Therapeutics has a fifty-two week low of $3.30 and a fifty-two week high of $9.98.

Lyra Therapeutics (NASDAQ:LYRAGet Rating) last posted its quarterly earnings data on Wednesday, March 9th. The company reported ($1.05) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.82) by ($0.23). The business had revenue of $0.27 million for the quarter, compared to analyst estimates of $1.00 million. As a group, analysts anticipate that Lyra Therapeutics will post -3.43 earnings per share for the current fiscal year.

In related news, major shareholder Nbvm Gp, Llc bought 2,369,667 shares of the stock in a transaction dated Tuesday, April 12th. The stock was purchased at an average cost of $4.22 per share, with a total value of $9,999,994.74. Following the completion of the purchase, the insider now owns 1,855,443 shares of the company’s stock, valued at $7,829,969.46. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Harlan Waksal bought 236,966 shares of the stock in a transaction dated Tuesday, April 12th. The shares were bought at an average cost of $4.22 per share, with a total value of $999,996.52. Following the completion of the purchase, the insider now directly owns 236,966 shares of the company’s stock, valued at approximately $999,996.52. The disclosure for this purchase can be found here. Insiders have acquired 2,725,116 shares of company stock worth $11,499,990 in the last quarter. Company insiders own 16.40% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of LYRA. JPMorgan Chase & Co. boosted its stake in shares of Lyra Therapeutics by 813.9% during the first quarter. JPMorgan Chase & Co. now owns 7,759 shares of the company’s stock valued at $31,000 after purchasing an additional 6,910 shares during the period. Virtu Financial LLC purchased a new stake in Lyra Therapeutics in the fourth quarter worth about $57,000. Citadel Advisors LLC purchased a new stake in Lyra Therapeutics in the fourth quarter worth about $58,000. Renaissance Technologies LLC purchased a new stake in Lyra Therapeutics in the fourth quarter worth about $227,000. Finally, Clearline Capital LP purchased a new stake in Lyra Therapeutics in the fourth quarter worth about $283,000. 85.06% of the stock is owned by hedge funds and other institutional investors.

Lyra Therapeutics Company Profile (Get Rating)

Lyra Therapeutics, Inc, a clinical-stage therapeutics 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.

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