Lyra Therapeutics (NASDAQ:LYRA) Stock Price Up 0.5% – Here’s Why

Shares of Lyra Therapeutics, Inc. (NASDAQ:LYRA) were up 0.5% during trading on Tuesday . The company traded as high as $6.81 and last traded at $6.53. Approximately 8,936 shares changed hands during mid-day trading, a decline of 51% from the average daily volume of 18,360 shares. The stock had previously closed at $6.50.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on LYRA shares. HC Wainwright reissued a “neutral” rating on shares of Lyra Therapeutics in a research note on Thursday, August 14th. Wall Street Zen lowered shares of Lyra Therapeutics from a “hold” rating to a “sell” rating in a report on Sunday, July 13th. One analyst has rated the stock with a Hold rating, According to MarketBeat.com, Lyra Therapeutics currently has an average rating of “Hold” and an average target price of $100.00.

Lyra Therapeutics Stock Up 0.5%

The business has a 50-day moving average price of $6.90 and a two-hundred day moving average price of $7.74. The company has a market capitalization of $10.71 million, a price-to-earnings ratio of -0.23 and a beta of 0.17.

Lyra Therapeutics (NASDAQ:LYRA) last announced its quarterly earnings results on Tuesday, August 12th. The company reported ($5.51) EPS for the quarter, beating analysts’ consensus estimates of ($5.79) by $0.28. The business had revenue of $0.29 million during the quarter, compared to analyst estimates of $0.18 million. Lyra Therapeutics had a negative net margin of 5,043.64% and a negative return on equity of 404.56%. On average, sell-side analysts anticipate that Lyra Therapeutics, Inc. will post -0.93 EPS for the current fiscal year.

Institutional Trading of Lyra Therapeutics

Institutional investors have recently made changes to their positions in the company. BNP Paribas Financial Markets purchased a new stake in shares of Lyra Therapeutics during the fourth quarter valued at approximately $51,000. Northern Trust Corp grew its stake in Lyra Therapeutics by 56.2% in the 4th quarter. Northern Trust Corp now owns 286,310 shares of the company’s stock valued at $59,000 after purchasing an additional 103,026 shares during the period. Finally, Bank of America Corp DE increased its position in shares of Lyra Therapeutics by 33.7% during the 2nd quarter. Bank of America Corp DE now owns 28,542 shares of the company’s stock valued at $256,000 after purchasing an additional 7,190 shares during the last quarter. Institutional investors own 95.62% of the company’s stock.

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.