Analysts Set Lyra Therapeutics, Inc. (NASDAQ:LYRA) PT at $7.13

Lyra Therapeutics, Inc. (NASDAQ:LYRA) has received a consensus recommendation of “Hold” from the six research firms that are currently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating on the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $7.13.

A number of research firms recently issued reports on LYRA. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Lyra Therapeutics in a research note on Friday, January 12th. Bank of America lowered Lyra Therapeutics from a “buy” rating to an “underperform” rating in a research note on Tuesday. Jefferies Financial Group cut Lyra Therapeutics from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $10.00 to $0.50 in a research report on Tuesday. William Blair lowered shares of Lyra Therapeutics from an “outperform” rating to a “market perform” rating in a report on Monday. Finally, HC Wainwright downgraded shares of Lyra Therapeutics from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $12.00 to $2.00 in a report on Tuesday.

Lyra Therapeutics Stock Performance

Lyra Therapeutics stock opened at $0.39 on Tuesday. The firm has a market capitalization of $23.56 million, a price-to-earnings ratio of -0.32 and a beta of 0.31. Lyra Therapeutics has a fifty-two week low of $0.36 and a fifty-two week high of $6.79. The stock’s fifty day moving average is $5.13 and its two-hundred day moving average is $4.58.

Lyra Therapeutics (NASDAQ:LYRA) last posted its earnings results 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). Lyra Therapeutics had a negative net margin of 4,099.82% and a negative return on equity of 77.34%. The business had revenue of $0.53 million for the quarter, compared to analysts’ expectations of $0.40 million. As a group, sell-side analysts forecast that Lyra Therapeutics will post -1.28 EPS for the current fiscal year.

Hedge Funds Weigh In On Lyra Therapeutics

Several large investors have recently added to or reduced their stakes in LYRA. Heritage Wealth Management Inc. Texas acquired a new position in shares of Lyra Therapeutics during the 4th quarter valued at about $52,000. Jump Financial LLC purchased a new position in Lyra Therapeutics during the fourth quarter worth approximately $88,000. Bank of New York Mellon Corp acquired a new position in shares of Lyra Therapeutics in the 3rd quarter valued at $73,000. Prescott Group Capital Management L.L.C. acquired a new position in shares of Lyra Therapeutics in the 3rd quarter valued at $117,000. Finally, Citigroup Inc. purchased a new stake in shares of Lyra Therapeutics during the 3rd quarter valued at $265,000. 95.62% of the stock is currently owned by hedge funds and other institutional investors.

About Lyra Therapeutics

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.