Lyra Therapeutics’ (LYRA) “Neutral” Rating Reiterated at BTIG Research

Lyra Therapeutics (NASDAQ:LYRA)‘s stock had its “neutral” rating reiterated by equities research analysts at BTIG Research in a research note issued on Monday, Benzinga reports.

A number of other research analysts also recently commented on LYRA. Cantor Fitzgerald reissued an “overweight” rating on shares of Lyra Therapeutics in a research report on Friday, January 12th. Bank of America decreased their price target on shares of Lyra Therapeutics from $12.00 to $11.00 and set a “buy” rating on the stock in a research note on Monday, March 25th. HC Wainwright restated a “buy” rating and set a $12.00 price objective on shares of Lyra Therapeutics in a research report on Wednesday, May 1st. Finally, William Blair downgraded Lyra Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Monday. Two analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $12.67.

Lyra Therapeutics Price Performance

Shares of NASDAQ LYRA traded down $3.53 during midday trading on Monday, reaching $0.50. 99,864,468 shares of the stock were exchanged, compared to its average volume of 1,460,057. Lyra Therapeutics has a 12 month low of $0.36 and a 12 month high of $6.79. The company has a market capitalization of $30.49 million, a price-to-earnings ratio of -0.42 and a beta of 0.31. The business has a 50-day simple moving average of $5.52 and a two-hundred day simple moving average of $4.68.

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

Institutional Inflows and Outflows

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