Lyra Therapeutics (NASDAQ:LYRA) Rating Reiterated by HC Wainwright

HC Wainwright restated their buy rating on shares of Lyra Therapeutics (NASDAQ:LYRA) in a research note published on Wednesday morning, Benzinga reports. The firm currently has a $12.00 target price on the stock. HC Wainwright also issued estimates for Lyra Therapeutics’ Q2 2024 earnings at ($0.34) EPS, Q3 2024 earnings at ($0.33) EPS, Q4 2024 earnings at ($0.31) EPS, FY2024 earnings at ($1.33) EPS, FY2025 earnings at ($1.23) EPS, FY2026 earnings at ($1.22) EPS, FY2027 earnings at ($0.78) EPS and FY2028 earnings at ($0.07) EPS.

LYRA has been the subject of a number of other research reports. Cantor Fitzgerald reiterated an overweight rating on shares of Lyra Therapeutics in a report on Friday, January 12th. Bank of America dropped their price target on shares of Lyra Therapeutics from $12.00 to $11.00 and set a buy rating for the company in a research note on Monday, March 25th.

Lyra Therapeutics Price Performance

Shares of NASDAQ:LYRA opened at $4.03 on Wednesday. Lyra Therapeutics has a 1 year low of $2.36 and a 1 year high of $6.79. The stock has a market capitalization of $245.71 million, a price-to-earnings ratio of -3.36 and a beta of 0.31. The company’s 50 day simple moving average is $5.52 and its 200 day simple moving average is $4.67.

Lyra Therapeutics (NASDAQ:LYRA) last announced its quarterly earnings results on Tuesday, April 30th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.09). Lyra Therapeutics had a negative net margin of 4,099.82% and a negative return on equity of 77.34%. The company had revenue of $0.53 million for the quarter, compared to the consensus estimate of $0.40 million. As a group, analysts anticipate that Lyra Therapeutics will post -1.28 EPS for the current fiscal year.

Institutional Investors Weigh In On Lyra Therapeutics

A number of institutional investors have recently modified their holdings of the company. Bank of New York Mellon Corp acquired a new position in shares of Lyra Therapeutics during the third quarter valued at about $73,000. Prescott Group Capital Management L.L.C. bought a new stake in Lyra Therapeutics in the 3rd quarter valued at about $117,000. Citigroup Inc. bought a new stake in Lyra Therapeutics in the 3rd quarter valued at about $265,000. Heritage Wealth Management Inc. Texas acquired a new position in Lyra Therapeutics during the 4th quarter worth approximately $52,000. Finally, Jump Financial LLC purchased a new position in shares of Lyra Therapeutics during the fourth quarter valued at approximately $88,000. 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.