Lyra Therapeutics (NASDAQ:LYRA) Lowered to Neutral at HC Wainwright

HC Wainwright lowered shares of Lyra Therapeutics (NASDAQ:LYRA) from a buy rating to a neutral rating in a research note issued to investors on Tuesday, MarketBeat Ratings reports. The firm currently has $2.00 target price on the stock, down from their previous target price of $12.00.

A number of other research analysts also recently issued reports on the company. BTIG Research reissued a neutral rating on shares of Lyra Therapeutics in a report on Monday. William Blair cut shares of Lyra Therapeutics from an outperform rating to a market perform rating in a research note on Monday. Jefferies Financial Group lowered shares of Lyra Therapeutics from a buy rating to a hold rating and dropped their price target for the company from $10.00 to $0.50 in a research report on Tuesday. Cantor Fitzgerald reaffirmed an overweight rating on shares of Lyra Therapeutics in a report on Friday, January 12th. Finally, Bank of America lowered shares of Lyra Therapeutics from a buy rating to an underperform rating in a research note on Tuesday. One research analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of Hold and an average target price of $7.13.

Lyra Therapeutics Trading Down 19.5 %

Shares of NASDAQ LYRA opened at $0.42 on Tuesday. The company has a 50 day simple moving average of $5.33 and a two-hundred day simple moving average of $4.64. The stock has a market cap of $25.61 million, a price-to-earnings ratio of -0.35 and a beta of 0.31. Lyra Therapeutics has a 12 month low of $0.36 and a 12 month high of $6.79.

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). The business had revenue of $0.53 million for the quarter, compared to analyst estimates of $0.40 million. Lyra Therapeutics had a negative net margin of 4,099.82% and a negative return on equity of 77.34%. Analysts forecast that Lyra Therapeutics will post -1.28 EPS for the current year.

Institutional Investors Weigh In On Lyra Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vestal Point Capital LP purchased a new position in Lyra Therapeutics during the fourth quarter valued at $15,720,000. Parkman Healthcare Partners LLC raised its position in shares of Lyra Therapeutics by 20.8% during the 4th quarter. Parkman Healthcare Partners LLC now owns 754,885 shares of the company’s stock worth $3,956,000 after purchasing an additional 129,829 shares during the last quarter. Citigroup Inc. purchased a new position in Lyra Therapeutics in the 3rd quarter valued at about $265,000. Prescott Group Capital Management L.L.C. acquired a new stake in Lyra Therapeutics in the 3rd quarter worth about $117,000. Finally, Bank of New York Mellon Corp purchased a new stake in Lyra Therapeutics during the 3rd quarter worth approximately $73,000. Hedge funds and other 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.