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

Shares of Lyra Therapeutics, Inc. (NASDAQ:LYRA) have been assigned an average recommendation of “Hold” from the six ratings firms that are presently covering the company, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and one has given a buy recommendation to the company. The average 1 year price objective among analysts that have updated their coverage on the stock in the last year is $7.13.

Several analysts recently weighed in on LYRA shares. Bank of America downgraded Lyra Therapeutics from a “buy” rating to an “underperform” rating in a research note on Tuesday, May 7th. HC Wainwright downgraded Lyra Therapeutics from a “buy” rating to a “neutral” rating and decreased their target price for the company from $12.00 to $2.00 in a research note on Tuesday, May 7th. William Blair downgraded Lyra Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Monday, May 6th. BTIG Research restated a “neutral” rating on shares of Lyra Therapeutics in a research note on Monday, May 6th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Lyra Therapeutics in a report on Thursday, June 20th.

Hedge Funds Weigh In On Lyra Therapeutics

Large investors have recently added to or reduced their stakes in the company. Heritage Wealth Management Inc. Texas acquired a new position in Lyra Therapeutics in the 4th quarter valued at approximately $52,000. Jump Financial LLC acquired a new position in Lyra Therapeutics in the 4th quarter valued at approximately $88,000. Citigroup Inc. acquired a new position in shares of Lyra Therapeutics in the 3rd quarter worth approximately $265,000. Parkman Healthcare Partners LLC raised its holdings in shares of Lyra Therapeutics by 20.8% in the 4th 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 in the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of Lyra Therapeutics by 38.3% in the 1st quarter. Vanguard Group Inc. now owns 1,481,481 shares of the company’s stock worth $9,215,000 after buying an additional 410,021 shares in the last quarter. Institutional investors and hedge funds own 95.62% of the company’s stock.

Lyra Therapeutics Price Performance

Shares of LYRA stock opened at $0.28 on Wednesday. The firm has a market cap of $17.07 million, a P/E ratio of -0.23 and a beta of -0.01. The stock’s 50-day moving average is $1.05 and its two-hundred day moving average is $3.80. Lyra Therapeutics has a fifty-two week low of $0.25 and a fifty-two week high of $6.79.

Lyra Therapeutics (NASDAQ:LYRA) last released its quarterly earnings results 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). Lyra Therapeutics had a negative return on equity of 77.34% and a negative net margin of 4,099.82%. The company had revenue of $0.53 million for the quarter, compared to the consensus estimate of $0.40 million. As a group, research analysts expect that Lyra Therapeutics will post -1.18 EPS for the current year.

Lyra Therapeutics Company Profile

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.