HC Wainwright Downgrades Lyra Therapeutics (NASDAQ:LYRA) to Neutral

HC Wainwright downgraded shares of Lyra Therapeutics (NASDAQ:LYRA) from a buy rating to a neutral rating in a research note issued to investors on Tuesday morning, Marketbeat Ratings reports. They currently have $2.00 price objective on the stock, down from their previous price objective of $12.00.

A number of other research analysts have also commented on the stock. Bank of America lowered shares of Lyra Therapeutics from a buy rating to an underperform rating in a research note on Tuesday. Cantor Fitzgerald reaffirmed an overweight rating on shares of Lyra Therapeutics in a research note on Friday, January 12th. Jefferies Financial Group downgraded Lyra Therapeutics from a buy rating to a hold rating and lowered their target price for the company from $10.00 to $0.50 in a research note on Tuesday. William Blair cut Lyra Therapeutics from an outperform rating to a market perform rating in a research note on Monday. Finally, BTIG Research reiterated a neutral rating on shares of Lyra Therapeutics in a research report on Monday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of Hold and an average price target of $7.13.

Lyra Therapeutics Stock Down 19.5 %

NASDAQ:LYRA opened at $0.42 on Tuesday. The company has a market capitalization of $25.61 million, a PE ratio of -0.35 and a beta of 0.31. Lyra Therapeutics has a 52-week low of $0.36 and a 52-week high of $6.79. The stock’s 50 day moving average price is $5.33 and its 200 day moving average price is $4.64.

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

Institutional Trading of Lyra Therapeutics

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