Lyra Therapeutics (NASDAQ:LYRA) Trading Down 4.8%

Lyra Therapeutics, Inc. (NASDAQ:LYRAGet Rating) dropped 4.8% during mid-day trading on Friday . The company traded as low as $2.69 and last traded at $2.75. Approximately 65,246 shares were traded during mid-day trading, an increase of 86% from the average daily volume of 35,119 shares. The stock had previously closed at $2.89.

Lyra Therapeutics Stock Down 4.8 %

The company has a market capitalization of $87.52 million, a price-to-earnings ratio of -1.14 and a beta of -0.42. The stock’s fifty day moving average price is $3.18 and its 200-day moving average price is $4.71.

Lyra Therapeutics (NASDAQ:LYRAGet Rating) last posted its quarterly earnings data on Tuesday, November 8th. The company reported ($0.40) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.42) by $0.02. Lyra Therapeutics had a negative net margin of 778.87% and a negative return on equity of 77.62%. The company had revenue of $0.36 million for the quarter, compared to the consensus estimate of $0.41 million. Analysts anticipate that Lyra Therapeutics, Inc. will post -1.81 EPS for the current year.

Hedge Funds Weigh In On Lyra Therapeutics

A number of institutional investors have recently added to or reduced their stakes in LYRA. JPMorgan Chase & Co. increased its holdings in Lyra Therapeutics by 813.9% during 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 last quarter. Ensign Peak Advisors Inc increased its holdings in Lyra Therapeutics by 43.6% during the second quarter. Ensign Peak Advisors Inc now owns 56,229 shares of the company’s stock worth $318,000 after buying an additional 17,062 shares during the last quarter. Northern Trust Corp acquired a new position in Lyra Therapeutics during the second quarter worth $169,000. Renaissance Technologies LLC increased its holdings in Lyra Therapeutics by 134.3% during the second quarter. Renaissance Technologies LLC now owns 41,000 shares of the company’s stock worth $232,000 after buying an additional 23,500 shares during the last quarter. Finally, Nantahala Capital Management LLC acquired a new position in Lyra Therapeutics during the second quarter worth $13,389,000. 60.20% of the stock is currently owned by institutional investors and hedge funds.

About Lyra Therapeutics

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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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