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

Lyra Therapeutics, Inc. (NASDAQ:LYRA) has received an average recommendation of “Hold” from the six brokerages that are currently covering the stock, MarketBeat Ratings reports. One research 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. The average 12-month price target among analysts that have issued a report on the stock in the last year is $7.13.

LYRA has been the subject of several recent research reports. Cantor Fitzgerald restated an “overweight” rating on shares of Lyra Therapeutics in a research note on Thursday, August 15th. HC Wainwright reissued a “neutral” rating and issued a $2.00 target price on shares of Lyra Therapeutics in a research report on Thursday, August 15th. Finally, William Blair raised shares of Lyra Therapeutics to a “hold” rating in a research report on Friday, August 30th.

Lyra Therapeutics Price Performance

NASDAQ:LYRA opened at $0.23 on Friday. The company has a market cap of $14.04 million, a P/E ratio of -0.19 and a beta of -0.02. The firm’s fifty day moving average price is $0.29 and its two-hundred day moving average price is $1.57. Lyra Therapeutics has a one year low of $0.23 and a one year high of $6.79.

Lyra Therapeutics (NASDAQ:LYRA) last released its quarterly earnings results on Wednesday, August 14th. The company reported ($0.29) earnings per share for the quarter, beating the consensus estimate of ($0.34) by $0.05. Lyra Therapeutics had a negative net margin of 5,570.88% and a negative return on equity of 102.22%. The firm had revenue of $0.60 million for the quarter, compared to analysts’ expectations of $0.43 million. As a group, equities research analysts expect that Lyra Therapeutics will post -1.15 earnings per share for the current year.

Institutional Trading of Lyra Therapeutics

Several large investors have recently modified their holdings of the stock. Vestal Point Capital LP bought a new stake in Lyra Therapeutics during the fourth quarter worth about $15,720,000. Acadian Asset Management LLC acquired a new position in shares of Lyra Therapeutics in the 2nd quarter valued at approximately $271,000. Vanguard Group Inc. lifted its holdings in shares of Lyra Therapeutics by 38.3% during the 1st quarter. Vanguard Group Inc. now owns 1,481,481 shares of the company’s stock worth $9,215,000 after acquiring an additional 410,021 shares during the period. Finally, Parkman Healthcare Partners LLC boosted its position in shares of Lyra Therapeutics by 20.8% during the 4th quarter. Parkman Healthcare Partners LLC now owns 754,885 shares of the company’s stock worth $3,956,000 after acquiring an additional 129,829 shares in the last quarter. 95.62% of the stock is owned by institutional investors and hedge funds.

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.