Insider Selling: Lyra Therapeutics (NASDAQ:LYRA) Major Shareholder Sells $166,531.82 in Stock

Lyra Therapeutics, Inc. (NASDAQ:LYRA) major shareholder Perceptive Advisors Llc sold 32,149 shares of the company’s stock in a transaction on Thursday, November 6th. The stock was sold at an average price of $5.18, for a total transaction of $166,531.82. Following the completion of the transaction, the insider directly owned 22,521 shares of the company’s stock, valued at approximately $116,658.78. The trade was a 58.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Perceptive Advisors Llc also recently made the following trade(s):

• On Monday, November 10th, Perceptive Advisors Llc sold 18,502 shares of Lyra Therapeutics stock. The shares were sold at an average price of $4.54, for a total value of $83,999.08.
• On Friday, November 7th, Perceptive Advisors Llc sold 19,739 shares of Lyra Therapeutics stock. The shares were sold at an average price of $4.75, for a total value of $93,760.25.

Lyra Therapeutics Stock Performance

NASDAQ:LYRA opened at $3.88 on Thursday. The stock has a 50-day simple moving average of $6.41 and a 200 day simple moving average of $7.84. Lyra Therapeutics, Inc. has a 52-week low of $3.81 and a 52-week high of $37.50. The company has a market cap of $6.36 million, a PE ratio of -0.13 and a beta of 0.10.

Lyra Therapeutics (NASDAQ:LYRA) last released its quarterly earnings results on Wednesday, November 12th. The company reported ($3.38) earnings per share for the quarter, topping analysts’ consensus estimates of ($5.98) by $2.60. Lyra Therapeutics had a negative return on equity of 404.56% and a negative net margin of 5,043.64%.The firm had revenue of $0.03 million during the quarter, compared to the consensus estimate of $0.21 million. On average, research analysts predict that Lyra Therapeutics, Inc. will post -0.93 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lyra Therapeutics

A hedge fund recently raised its stake in Lyra Therapeutics stock. Bank of America Corp DE boosted its stake in shares of Lyra Therapeutics, Inc. (NASDAQ:LYRA) by 33.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 28,542 shares of the company’s stock after purchasing an additional 7,190 shares during the quarter. Bank of America Corp DE owned about 1.74% of Lyra Therapeutics worth $256,000 at the end of the most recent reporting period. 95.62% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

LYRA has been the topic of several recent research reports. HC Wainwright reiterated a “neutral” rating on shares of Lyra Therapeutics in a research note on Thursday, August 14th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lyra Therapeutics in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Lyra Therapeutics currently has a consensus rating of “Reduce” and a consensus target price of $100.00.

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.