Lyra Therapeutics (NASDAQ:LYRA) Downgraded to Sell Rating by Wall Street Zen

Wall Street Zen cut shares of Lyra Therapeutics (NASDAQ:LYRA) from a hold rating to a sell rating in a research report report published on Sunday.

Lyra Therapeutics Trading Down 4.5%

Shares of LYRA opened at $8.65 on Friday. Lyra Therapeutics has a 1 year low of $3.81 and a 1 year high of $37.50. The stock has a 50 day simple moving average of $9.85 and a 200-day simple moving average of $8.79. The stock has a market cap of $11.50 million, a PE ratio of -0.14 and a beta of 0.24.

Lyra Therapeutics (NASDAQ:LYRA) last issued its earnings results on Tuesday, May 6th. The company reported ($6.00) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($7.50) by $1.50. Lyra Therapeutics had a negative return on equity of 295.52% and a negative net margin of 6,711.39%. The business had revenue of $0.18 million during the quarter, compared to analysts’ expectations of $0.16 million. On average, sell-side analysts forecast that Lyra Therapeutics will post -0.93 EPS for the current fiscal year.

Institutional Investors Weigh In On Lyra Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the business. JPMorgan Chase & Co. increased its holdings in Lyra Therapeutics by 161.8% during the 4th quarter. JPMorgan Chase & Co. now owns 156,442 shares of the company’s stock valued at $32,000 after purchasing an additional 96,681 shares in the last quarter. BNP Paribas Financial Markets acquired a new stake in Lyra Therapeutics during the 4th quarter valued at $51,000. Northern Trust Corp increased its holdings in Lyra Therapeutics by 56.2% during the 4th quarter. Northern Trust Corp now owns 286,310 shares of the company’s stock valued at $59,000 after purchasing an additional 103,026 shares in the last quarter. ADAR1 Capital Management LLC acquired a new stake in Lyra Therapeutics during the 4th quarter valued at $110,000. Finally, Geode Capital Management LLC increased its holdings in Lyra Therapeutics by 15.3% during the 4th quarter. Geode Capital Management LLC now owns 885,966 shares of the company’s stock valued at $183,000 after purchasing an additional 117,578 shares in the last quarter. 95.62% of the stock is owned by institutional investors and hedge funds.

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.