Lyra Therapeutics, Inc. (NASDAQ:LYRA) Sees Significant Increase in Short Interest

Lyra Therapeutics, Inc. (NASDAQ:LYRA) saw a large growth in short interest in March. As of March 15th, there was short interest totalling 2,400,000 shares, a growth of 27.7% from the February 28th total of 1,880,000 shares. Approximately 3.8% of the company’s stock are short sold. Based on an average trading volume of 1,200,000 shares, the days-to-cover ratio is currently 2.0 days.

Lyra Therapeutics Stock Performance

NASDAQ:LYRA opened at $0.13 on Tuesday. The stock’s 50-day simple moving average is $0.18 and its 200 day simple moving average is $0.21. Lyra Therapeutics has a 52-week low of $0.13 and a 52-week high of $6.36. The company has a market cap of $8.32 million, a P/E ratio of -0.08 and a beta of -0.18.

Lyra Therapeutics (NASDAQ:LYRA) last posted its quarterly earnings results on Thursday, March 13th. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.04). The company had revenue of $0.21 million for the quarter, compared to analyst estimates of $0.21 million. Lyra Therapeutics had a negative return on equity of 125.07% and a negative net margin of 6,635.76%. During the same period last year, the firm earned ($1.26) EPS. As a group, equities analysts predict that Lyra Therapeutics will post -0.93 earnings per share for the current fiscal year.

Institutional Trading of Lyra Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. ADAR1 Capital Management LLC bought a new position in shares of Lyra Therapeutics in the 4th quarter valued at about $110,000. BNP Paribas Financial Markets acquired a new stake in Lyra Therapeutics in the 4th quarter valued at about $51,000. State Street Corp grew its holdings in Lyra Therapeutics by 88.1% during the third quarter. State Street Corp now owns 488,720 shares of the company’s stock worth $126,000 after purchasing an additional 228,900 shares during the period. Geode Capital Management LLC grew its holdings in Lyra Therapeutics by 15.3% during the fourth quarter. Geode Capital Management LLC now owns 885,966 shares of the company’s stock worth $183,000 after purchasing an additional 117,578 shares during the period. Finally, Northern Trust Corp increased its position in Lyra Therapeutics by 56.2% during the fourth quarter. Northern Trust Corp now owns 286,310 shares of the company’s stock worth $59,000 after buying an additional 103,026 shares during the last quarter. 95.62% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Separately, HC Wainwright reissued a “neutral” rating and issued a $2.00 price objective on shares of Lyra Therapeutics in a research report on Friday, March 14th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $1.25.

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.