Short Interest in Lyra Therapeutics, Inc. (NASDAQ:LYRA) Declines By 24.9%

Lyra Therapeutics, Inc. (NASDAQ:LYRA) saw a significant decrease in short interest in October. As of October 15th, there was short interest totalling 2,140,000 shares, a decrease of 24.9% from the September 30th total of 2,850,000 shares. Based on an average daily trading volume, of 993,700 shares, the days-to-cover ratio is currently 2.2 days.

Analyst Upgrades and Downgrades

A number of analysts have commented on LYRA shares. HC Wainwright reaffirmed a “neutral” rating and set a $2.00 price objective on shares of Lyra Therapeutics in a research note on Thursday, August 15th. William Blair raised shares of Lyra Therapeutics to a “hold” rating in a research note on Friday, August 30th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Lyra Therapeutics in a research note on Thursday, August 15th. One analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $4.50.

Hedge Funds Weigh In On Lyra Therapeutics

A hedge fund recently bought a new stake in Lyra Therapeutics stock. Acadian Asset Management LLC acquired a new position in Lyra Therapeutics, Inc. (NASDAQ:LYRA) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 985,631 shares of the company’s stock, valued at approximately $271,000. Acadian Asset Management LLC owned about 1.62% of Lyra Therapeutics as of its most recent filing with the Securities and Exchange Commission (SEC). 95.62% of the stock is owned by institutional investors and hedge funds.

Lyra Therapeutics Price Performance

Shares of LYRA opened at $0.25 on Friday. The company has a market capitalization of $16.36 million, a price-to-earnings ratio of -0.16 and a beta of -0.02. Lyra Therapeutics has a fifty-two week low of $0.21 and a fifty-two week high of $6.79. The business’s 50-day moving average is $0.27 and its 200-day moving average is $0.90.

Lyra Therapeutics (NASDAQ:LYRA) last released its quarterly earnings data on Wednesday, August 14th. The company reported ($0.29) EPS for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.05. Lyra Therapeutics had a negative return on equity of 102.22% and a negative net margin of 5,570.88%. The firm had revenue of $0.60 million for the quarter, compared to the consensus estimate of $0.43 million. Equities research analysts expect that Lyra Therapeutics will post -1.15 earnings per share for the current fiscal 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.