Lyra Therapeutics (NASDAQ:LYRA – Get Free Report) was downgraded by analysts at Bank of America from a “buy” rating to an “underperform” rating in a note issued to investors on Tuesday, Marketbeat Ratings reports.
LYRA has been the subject of a number of other reports. William Blair cut shares of Lyra Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Monday. BTIG Research reiterated a “neutral” rating on shares of Lyra Therapeutics in a report on Monday. Cantor Fitzgerald restated an “overweight” rating on shares of Lyra Therapeutics in a report on Friday, January 12th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $12.00 price objective on shares of Lyra Therapeutics in a research note on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $7.13.
Check Out Our Latest Analysis on Lyra Therapeutics
Lyra Therapeutics Trading Down 7.2 %
Lyra Therapeutics (NASDAQ:LYRA – Get Free Report) last issued its quarterly earnings data on Tuesday, April 30th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.09). The firm had revenue of $0.53 million for the quarter, compared to analysts’ expectations of $0.40 million. Lyra Therapeutics had a negative return on equity of 77.34% and a negative net margin of 4,099.82%. On average, research analysts forecast that Lyra Therapeutics will post -1.28 earnings per share for the current year.
Institutional Trading of Lyra Therapeutics
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Heritage Wealth Management Inc. Texas bought a new position in shares of Lyra Therapeutics in the fourth quarter worth about $52,000. Bank of New York Mellon Corp bought a new position in Lyra Therapeutics in the 3rd quarter worth about $73,000. Jump Financial LLC bought a new position in Lyra Therapeutics in the 4th quarter worth about $88,000. Prescott Group Capital Management L.L.C. purchased a new position in shares of Lyra Therapeutics during the third quarter worth approximately $117,000. Finally, Citigroup Inc. bought a new stake in shares of Lyra Therapeutics during the third quarter valued at approximately $265,000. 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.
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