Lyra Therapeutics (NASDAQ:LYRA) Price Target Cut to $11.00 by Analysts at Bank of America

Lyra Therapeutics (NASDAQ:LYRA) had its target price trimmed by Bank of America from $12.00 to $11.00 in a report issued on Monday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Several other research firms have also recently weighed in on LYRA. HC Wainwright reiterated a buy rating and set a $12.00 price objective on shares of Lyra Therapeutics in a research report on Friday, March 22nd. Cantor Fitzgerald reiterated an overweight rating on shares of Lyra Therapeutics in a research report on Friday, January 12th.

Lyra Therapeutics Stock Performance

Shares of NASDAQ LYRA opened at $6.22 on Monday. Lyra Therapeutics has a 52-week low of $1.91 and a 52-week high of $6.79. The firm has a 50 day moving average price of $5.34 and a two-hundred day moving average price of $4.45. The stock has a market cap of $371.58 million, a P/E ratio of -4.82 and a beta of 0.20.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of LYRA. Perceptive Advisors LLC boosted its stake in Lyra Therapeutics by 39.5% during the second quarter. Perceptive Advisors LLC now owns 12,757,562 shares of the company’s stock worth $52,434,000 after acquiring an additional 3,610,832 shares in the last quarter. Vestal Point Capital LP bought a new position in Lyra Therapeutics during the fourth quarter worth $15,720,000. Point72 Asset Management L.P. bought a new position in Lyra Therapeutics during the fourth quarter worth $15,720,000. Samsara BioCapital LLC boosted its stake in Lyra Therapeutics by 56.4% during the second quarter. Samsara BioCapital LLC now owns 2,780,261 shares of the company’s stock worth $11,427,000 after acquiring an additional 1,003,010 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in Lyra Therapeutics by 24.0% during the fourth quarter. Vanguard Group Inc. now owns 1,071,460 shares of the company’s stock worth $5,614,000 after acquiring an additional 207,128 shares in the last quarter. 95.62% of the stock is owned by institutional investors.

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.