Lyra Therapeutics, Inc. (NASDAQ:LYRA) Receives $7.13 Consensus PT from Analysts

Lyra Therapeutics, Inc. (NASDAQ:LYRA) has been given an average recommendation of “Hold” by the six ratings firms that are currently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and one has issued a buy recommendation on the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $4.50.

Several analysts have commented on LYRA shares. HC Wainwright restated a “neutral” rating and issued a $2.00 price target on shares of Lyra Therapeutics in a report on Thursday, August 15th. William Blair raised shares of Lyra Therapeutics to a “hold” rating in a research report on Friday, August 30th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Lyra Therapeutics in a research note on Thursday, August 15th.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Parkman Healthcare Partners LLC grew its stake in Lyra Therapeutics by 20.8% during the fourth quarter. Parkman Healthcare Partners LLC now owns 754,885 shares of the company’s stock worth $3,956,000 after buying an additional 129,829 shares during the period. Acadian Asset Management LLC acquired a new stake in Lyra Therapeutics in the 2nd quarter valued at $271,000. Vanguard Group Inc. raised its position in Lyra Therapeutics by 38.3% in the first quarter. Vanguard Group Inc. now owns 1,481,481 shares of the company’s stock valued at $9,215,000 after purchasing an additional 410,021 shares during the period. Finally, Vestal Point Capital LP acquired a new position in shares of Lyra Therapeutics during the fourth quarter worth about $15,720,000. Hedge funds and other institutional investors own 95.62% of the company’s stock.

Lyra Therapeutics Price Performance

Shares of LYRA opened at $0.22 on Friday. Lyra Therapeutics has a 1 year low of $0.21 and a 1 year high of $6.79. The company’s 50 day simple moving average is $0.28 and its 200 day simple moving average is $1.36.

Lyra Therapeutics (NASDAQ:LYRA) last issued its quarterly earnings results on Wednesday, August 14th. The company reported ($0.29) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.05. The company had revenue of $0.60 million for the quarter, compared to analyst estimates of $0.43 million. Lyra Therapeutics had a negative return on equity of 102.22% and a negative net margin of 5,570.88%. Sell-side analysts predict that Lyra Therapeutics will post -1.15 earnings per share for the current year.

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.