Bank of America Downgrades Lyra Therapeutics (NASDAQ:LYRA) to Underperform

Bank of America downgraded shares of Lyra Therapeutics (NASDAQ:LYRA) from a buy rating to an underperform rating in a research note published on Tuesday morning, Marketbeat Ratings reports.

A number of other research analysts have also commented on LYRA. Cantor Fitzgerald reiterated an overweight rating on shares of Lyra Therapeutics in a research report on Friday, January 12th. BTIG Research reiterated a neutral rating on shares of Lyra Therapeutics in a report on Monday. William Blair downgraded shares of Lyra Therapeutics from an outperform rating to a market perform rating in a research report on Monday. Finally, HC Wainwright reiterated a buy rating and set a $12.00 price target on shares of Lyra Therapeutics in a research report on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. According to MarketBeat, the company presently has an average rating of Hold and a consensus price target of $7.13.

Lyra Therapeutics Stock Down 19.5 %

Lyra Therapeutics stock opened at $0.42 on Tuesday. The stock has a 50-day simple moving average of $5.33 and a 200 day simple moving average of $4.64. The stock has a market capitalization of $25.61 million, a price-to-earnings ratio of -0.35 and a beta of 0.31. Lyra Therapeutics has a 12-month low of $0.36 and a 12-month high of $6.79.

Lyra Therapeutics (NASDAQ:LYRA) last announced its earnings results on Tuesday, April 30th. The company reported ($0.35) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.09). Lyra Therapeutics had a negative return on equity of 77.34% and a negative net margin of 4,099.82%. The company had revenue of $0.53 million during the quarter, compared to the consensus estimate of $0.40 million. As a group, sell-side analysts anticipate that Lyra Therapeutics will post -1.28 EPS for the current year.

Hedge Funds Weigh In On Lyra Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp bought a new stake in shares of Lyra Therapeutics in the 3rd quarter valued at about $73,000. Prescott Group Capital Management L.L.C. acquired a new position in Lyra Therapeutics during the third quarter valued at approximately $117,000. Citigroup Inc. bought a new stake in Lyra Therapeutics in the third quarter valued at approximately $265,000. Heritage Wealth Management Inc. Texas acquired a new stake in Lyra Therapeutics in the fourth quarter worth $52,000. Finally, Jump Financial LLC bought a new position in shares of Lyra Therapeutics during the fourth quarter worth $88,000. Institutional investors own 95.62% of the company’s stock.

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.