William Blair Comments on Lyra Therapeutics, Inc.’s FY2023 Earnings (NASDAQ:LYRA)

Lyra Therapeutics, Inc. (NASDAQ:LYRA) – Investment analysts at William Blair increased their FY2023 earnings per share (EPS) estimates for Lyra Therapeutics in a research note issued on Wednesday, November 8th. William Blair analyst T. Lugo now anticipates that the company will post earnings of ($1.23) per share for the year, up from their prior forecast of ($1.38). The consensus estimate for Lyra Therapeutics’ current full-year earnings is ($1.31) per share. William Blair also issued estimates for Lyra Therapeutics’ Q4 2023 earnings at ($0.24) EPS, Q1 2024 earnings at ($0.26) EPS, Q2 2024 earnings at ($0.26) EPS, Q3 2024 earnings at ($0.22) EPS, Q4 2024 earnings at ($0.22) EPS and FY2024 earnings at ($0.95) EPS.

Other equities research analysts also recently issued research reports about the company. HC Wainwright restated a “buy” rating and set a $12.00 target price on shares of Lyra Therapeutics in a research report on Monday, October 2nd. BTIG Research reaffirmed a “buy” rating and set a $15.00 price objective on shares of Lyra Therapeutics in a research note on Friday, October 6th. Finally, Bank of America lifted their price objective on Lyra Therapeutics from $13.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday, September 12th.

Lyra Therapeutics Stock Up 6.4 %

LYRA stock opened at $3.00 on Monday. The company has a market cap of $157.68 million, a P/E ratio of -2.10 and a beta of -0.13. Lyra Therapeutics has a twelve month low of $1.86 and a twelve month high of $5.25. The business has a fifty day moving average of $3.66 and a 200-day moving average of $3.33.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of LYRA. JPMorgan Chase & Co. boosted its position in 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 last quarter. Bank of New York Mellon Corp acquired a new position in Lyra Therapeutics during the third quarter valued at approximately $73,000. Renaissance Technologies LLC boosted its position in Lyra Therapeutics by 28.6% during the first quarter. Renaissance Technologies LLC now owns 47,851 shares of the company’s stock valued at $96,000 after purchasing an additional 10,651 shares during the last quarter. Letko Brosseau & Associates Inc. acquired a new position in Lyra Therapeutics during the second quarter valued at approximately $131,000. Finally, Northern Trust Corp acquired a new position in Lyra Therapeutics during the second quarter valued at approximately $169,000. 80.20% of the stock is currently owned by institutional investors.

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.