Lyra Therapeutics (NASDAQ:LYRA) Lowered to “Sell” at Zacks Investment Research

Lyra Therapeutics (NASDAQ:LYRA) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Wednesday, Zacks.com reports.

According to Zacks, “Lyra Therapeutics Inc. is a clinical-stage therapeutics company. It is focused on the development and commercialization of novel integrated drug and delivery solutions for patients with ear, nose and throat diseases. The company’s proprietary technology platform, XTreo(TM), is designed to precisely and consistently deliver medicines directly to the affected tissue. Its initial product candidates consist LYR-210 and LYR-220 which are in clinical stage. Lyra Therapeutics Inc. is based in Watertown, Mass. “

NASDAQ:LYRA opened at $9.30 on Wednesday. The business’s 50-day simple moving average is $11.51 and its two-hundred day simple moving average is $11.73. Lyra Therapeutics has a 52 week low of $8.76 and a 52 week high of $18.75.

Lyra Therapeutics (NASDAQ:LYRA) last posted its quarterly earnings results on Monday, March 8th. The company reported ($0.46) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.56) by $0.10. As a group, analysts predict that Lyra Therapeutics will post -2.04 earnings per share for the current fiscal year.

Hedge funds have recently modified their holdings of the company. Ikarian Capital LLC increased its holdings in shares of Lyra Therapeutics by 110.2% in the fourth quarter. Ikarian Capital LLC now owns 815,364 shares of the company’s stock worth $9,295,000 after purchasing an additional 427,425 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Lyra Therapeutics by 24.3% during the fourth quarter. Bank of New York Mellon Corp now owns 19,450 shares of the company’s stock worth $222,000 after acquiring an additional 3,807 shares during the last quarter. BlackRock Inc. increased its stake in Lyra Therapeutics by 27.4% during the fourth quarter. BlackRock Inc. now owns 264,165 shares of the company’s stock worth $3,012,000 after acquiring an additional 56,839 shares during the last quarter. American International Group Inc. increased its stake in Lyra Therapeutics by 60.9% during the fourth quarter. American International Group Inc. now owns 3,954 shares of the company’s stock worth $45,000 after acquiring an additional 1,497 shares during the last quarter. Finally, Wells Fargo & Company MN increased its stake in Lyra Therapeutics by 225.1% during the fourth quarter. Wells Fargo & Company MN now owns 3,521 shares of the company’s stock worth $40,000 after acquiring an additional 2,438 shares during the last quarter. 59.26% of the stock is currently owned by hedge funds and other institutional investors.

About Lyra Therapeutics

Lyra Therapeutics, Inc, a clinical-stage therapeutics 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. The company's XTreo technology platform is designed to deliver medicines directly to the affected tissue for sustained periods with a single administration.

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