Lyra Therapeutics, Inc. (NASDAQ:LYRA) Given Average Rating of “Hold” by Brokerages

Lyra Therapeutics, Inc. (NASDAQ:LYRAGet Free Report) has received an average recommendation of “Hold” from the six analysts that are covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating on the company. The average 12 month price objective among brokers that have covered the stock in the last year is $7.13.

LYRA has been the subject of a number of analyst reports. Bank of America downgraded shares of Lyra Therapeutics from a “buy” rating to an “underperform” rating in a report on Tuesday, May 7th. William Blair cut shares of Lyra Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Monday, May 6th. HC Wainwright lowered Lyra Therapeutics from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $12.00 to $2.00 in a research note on Tuesday, May 7th. Jefferies Financial Group downgraded Lyra Therapeutics from a “buy” rating to a “hold” rating and cut their target price for the stock from $10.00 to $0.50 in a research report on Tuesday, May 7th. Finally, BTIG Research reaffirmed a “neutral” rating on shares of Lyra Therapeutics in a research note on Monday, May 6th.

View Our Latest Research Report on LYRA

Lyra Therapeutics Price Performance

Shares of LYRA opened at $0.33 on Friday. The stock’s 50-day moving average price is $3.37 and its 200 day moving average price is $4.28. Lyra Therapeutics has a 12-month low of $0.31 and a 12-month high of $6.79. The firm has a market capitalization of $20.00 million, a price-to-earnings ratio of -0.27 and a beta of 0.31.

Lyra Therapeutics (NASDAQ:LYRAGet Free Report) last issued 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 analyst estimates of $0.40 million. Equities research analysts expect that Lyra Therapeutics will post -1.18 EPS for the current year.

Hedge Funds Weigh In On Lyra Therapeutics

Several hedge funds have recently added to or reduced their stakes in the company. Vestal Point Capital LP acquired a new position in Lyra Therapeutics during the 4th quarter valued at about $15,720,000. Vanguard Group Inc. lifted its holdings in Lyra Therapeutics by 38.3% in the first quarter. Vanguard Group Inc. now owns 1,481,481 shares of the company’s stock valued at $9,215,000 after buying an additional 410,021 shares during the period. Parkman Healthcare Partners LLC lifted its holdings in Lyra Therapeutics by 20.8% in the fourth quarter. Parkman Healthcare Partners LLC now owns 754,885 shares of the company’s stock valued at $3,956,000 after buying an additional 129,829 shares during the period. Citigroup Inc. bought a new position in Lyra Therapeutics in the third quarter valued at approximately $265,000. Finally, Prescott Group Capital Management L.L.C. acquired a new stake in Lyra Therapeutics during the 3rd quarter worth $117,000. Institutional investors own 95.62% of the company’s stock.

Lyra Therapeutics Company Profile

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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.

Further Reading

Analyst Recommendations for Lyra Therapeutics (NASDAQ:LYRA)

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