HC Wainwright Reaffirms “Buy” Rating for Lyra Therapeutics (NASDAQ:LYRA)

HC Wainwright reissued their buy rating on shares of Lyra Therapeutics (NASDAQ:LYRA) in a research report report published on Wednesday morning, Benzinga reports. HC Wainwright currently has a $12.00 price target 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.

Several other analysts have also recently issued reports on LYRA. Cantor Fitzgerald restated an overweight rating on shares of Lyra Therapeutics in a research note on Friday, January 12th. Bank of America dropped their price target on Lyra Therapeutics from $12.00 to $11.00 and set a buy rating on the stock in a research report on Monday, March 25th.

Lyra Therapeutics Stock Down 13.0 %

Shares of NASDAQ LYRA opened at $4.03 on Wednesday. Lyra Therapeutics has a fifty-two week low of $2.36 and a fifty-two week high of $6.79. The business has a 50 day moving average price of $5.52 and a two-hundred day moving average price of $4.67. The firm has a market cap of $245.71 million, a PE ratio of -3.36 and a beta of 0.31.

Lyra Therapeutics (NASDAQ:LYRA) last issued its quarterly 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 company had revenue of $0.53 million during the quarter, compared to the consensus estimate of $0.40 million. On average, analysts anticipate that Lyra Therapeutics will post -1.28 earnings per share for the current year.

Institutional Trading of Lyra Therapeutics

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