Lyra Therapeutics, Inc. (NASDAQ:LYRA) Short Interest Up 18.6% in August

Lyra Therapeutics, Inc. (NASDAQ:LYRA) was the target of a large growth in short interest during the month of August. As of August 15th, there was short interest totalling 4,150,000 shares, a growth of 18.6% from the July 31st total of 3,500,000 shares. Based on an average daily trading volume, of 1,510,000 shares, the days-to-cover ratio is presently 2.7 days.

Lyra Therapeutics Trading Up 2.0 %

Shares of LYRA stock opened at $0.32 on Monday. Lyra Therapeutics has a 12 month low of $0.25 and a 12 month high of $6.79. The company has a market capitalization of $21.06 million, a P/E ratio of -0.27 and a beta of -0.01. The stock has a 50 day moving average of $0.30 and a two-hundred day moving average of $2.38.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of LYRA. Jump Financial LLC bought a new stake in Lyra Therapeutics in the 4th quarter valued at $88,000. Vestal Point Capital LP bought a new stake in Lyra Therapeutics in the fourth quarter valued at about $15,720,000. Parkman Healthcare Partners LLC raised its position in Lyra Therapeutics by 20.8% in the fourth quarter. Parkman Healthcare Partners LLC now owns 754,885 shares of the company’s stock worth $3,956,000 after purchasing an additional 129,829 shares in the last quarter. Vanguard Group Inc. raised its position in Lyra Therapeutics by 38.3% in the first quarter. Vanguard Group Inc. now owns 1,481,481 shares of the company’s stock worth $9,215,000 after purchasing an additional 410,021 shares in the last quarter. Finally, Acadian Asset Management LLC bought a new position in Lyra Therapeutics during the second quarter worth about $271,000. 95.62% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Cantor Fitzgerald reissued an “overweight” rating on shares of Lyra Therapeutics in a research report on Thursday, August 15th. BTIG Research restated a “neutral” rating on shares of Lyra Therapeutics in a research note on Monday, May 6th. Jefferies Financial Group downgraded Lyra Therapeutics from a “buy” rating to a “hold” rating and dropped their price target for the stock from $10.00 to $0.50 in a research report on Tuesday, May 7th. HC Wainwright reissued a “neutral” rating and issued a $2.00 price objective on shares of Lyra Therapeutics in a research report on Thursday, August 15th. Finally, Bank of America lowered shares of Lyra Therapeutics from a “buy” rating to an “underperform” rating in a research report on Tuesday, May 7th. One 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’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $7.13.

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.