Lyra Therapeutics (NASDAQ:LYRA) Rating Lowered to Hold at Jefferies Financial Group

Jefferies Financial Group lowered shares of Lyra Therapeutics (NASDAQ:LYRA) from a buy rating to a hold rating in a research report sent to investors on Tuesday morning, MarketBeat reports. They currently have $0.50 target price on the stock, down from their previous target price of $10.00.

A number of other research firms also recently weighed in on LYRA. BTIG Research reaffirmed a neutral rating on shares of Lyra Therapeutics in a research report on Monday. Bank of America cut shares of Lyra Therapeutics from a buy rating to an underperform rating in a report on Tuesday. William Blair lowered shares of Lyra Therapeutics from an outperform rating to a market perform rating in a report on Monday. Cantor Fitzgerald restated an overweight rating on shares of Lyra Therapeutics in a research note on Friday, January 12th. Finally, HC Wainwright reiterated a buy rating and set a $12.00 price objective on shares of Lyra Therapeutics in a research note on Wednesday, May 1st. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Lyra Therapeutics presently has a consensus rating of Hold and a consensus target price of $7.13.

Lyra Therapeutics Price Performance

Shares of LYRA opened at $0.42 on Tuesday. The company has a 50-day simple moving average of $5.33 and a two-hundred day simple moving average of $4.64. The firm has a market capitalization of $25.61 million, a PE ratio of -0.35 and a beta of 0.31. Lyra Therapeutics has a one year low of $0.36 and a one year high of $6.79.

Lyra Therapeutics (NASDAQ:LYRA) last released its earnings results on Tuesday, April 30th. The company reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates 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 analysts’ expectations of $0.40 million. Analysts expect that Lyra Therapeutics will post -1.28 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in LYRA. Bank of New York Mellon Corp bought a new stake in shares of Lyra Therapeutics during the third quarter valued at approximately $73,000. Prescott Group Capital Management L.L.C. purchased a new stake in Lyra Therapeutics during the 3rd quarter valued at $117,000. Citigroup Inc. purchased a new stake in Lyra Therapeutics during the 3rd quarter valued at $265,000. Heritage Wealth Management Inc. Texas bought a new stake in shares of Lyra Therapeutics in the 4th quarter worth $52,000. Finally, Jump Financial LLC purchased a new position in shares of Lyra Therapeutics in 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.