HC Wainwright Weighs in on Lyra Therapeutics, Inc.’s Q2 2024 Earnings (NASDAQ:LYRA)

Lyra Therapeutics, Inc. (NASDAQ:LYRA) – Analysts at HC Wainwright reduced their Q2 2024 earnings estimates for shares of Lyra Therapeutics in a research report issued to clients and investors on Wednesday, May 1st. HC Wainwright analyst M. Caufield now forecasts that the company will post earnings of ($0.34) per share for the quarter, down from their previous estimate of ($0.28). HC Wainwright currently has a “Buy” rating and a $12.00 target price on the stock. The consensus estimate for Lyra Therapeutics’ current full-year earnings is ($1.04) per share. HC Wainwright also issued estimates for Lyra Therapeutics’ Q3 2024 earnings at ($0.33) EPS, Q4 2024 earnings at ($0.31) EPS, FY2024 earnings at ($1.33) EPS, FY2025 earnings at ($1.23) EPS, FY2026 earnings at ($1.22) EPS, FY2027 earnings at ($0.78) EPS and FY2028 earnings at ($0.07) EPS.

A number of other research firms have also recently issued reports on LYRA. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Lyra Therapeutics in a report on Friday, January 12th. Bank of America dropped their price objective on Lyra Therapeutics from $12.00 to $11.00 and set a “buy” rating for the company in a report on Monday, March 25th.

Lyra Therapeutics Stock Performance

Shares of NASDAQ:LYRA opened at $4.03 on Friday. Lyra Therapeutics has a 52 week low of $2.36 and a 52 week high of $6.79. The company’s fifty day moving average is $5.55 and its 200-day moving average is $4.67. The company has a market capitalization of $245.71 million, a PE ratio of -3.52 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 the consensus estimate of ($0.26) by ($0.09). Lyra Therapeutics had a negative net margin of 4,099.82% and a negative return on equity of 77.34%. The firm had revenue of $0.53 million during the quarter, compared to analyst estimates of $0.40 million.

Hedge Funds Weigh In On Lyra Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the business. Heritage Wealth Management Inc. Texas acquired a new position in shares of Lyra Therapeutics in the 4th quarter valued at approximately $52,000. Jump Financial LLC acquired a new position in Lyra Therapeutics during the 4th quarter worth approximately $88,000. Bank of New York Mellon Corp acquired a new position in Lyra Therapeutics during the 3rd quarter worth approximately $73,000. Prescott Group Capital Management L.L.C. acquired a new position in Lyra Therapeutics during the 3rd quarter worth approximately $117,000. Finally, Citigroup Inc. acquired a new position in Lyra Therapeutics during the 3rd quarter worth approximately $265,000. 95.62% of the stock is currently owned by institutional investors and hedge funds.

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.