Lyra Therapeutics’ (LYRA) Overweight Rating Reaffirmed at Cantor Fitzgerald

Cantor Fitzgerald reissued their overweight rating on shares of Lyra Therapeutics (NASDAQ:LYRA) in a report issued on Thursday, Benzinga reports.

LYRA has been the subject of several other research reports. HC Wainwright cut shares of Lyra Therapeutics from a buy rating to a neutral rating and dropped their price objective for the stock from $12.00 to $2.00 in a research note on Tuesday, May 7th. BTIG Research reiterated a neutral rating on shares of Lyra Therapeutics in a research note on Monday, May 6th. Bank of America cut Lyra Therapeutics from a buy rating to an underperform rating in a report on Tuesday, May 7th. Jefferies Financial Group lowered Lyra Therapeutics from a buy rating to a hold rating and reduced their target price for the stock from $10.00 to $0.50 in a report on Tuesday, May 7th. Finally, William Blair downgraded Lyra Therapeutics from an outperform rating to a market perform rating in a research note on Monday, May 6th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of Hold and a consensus price target of $7.13.

Lyra Therapeutics Stock Up 3.3 %

Shares of LYRA stock opened at $0.27 on Thursday. Lyra Therapeutics has a 12-month low of $0.26 and a 12-month high of $6.79. The firm has a 50 day moving average price of $1.76 and a two-hundred day moving average price of $3.99. The company has a market capitalization of $16.47 million, a PE ratio of -0.23 and a beta of 0.02.

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). The firm had revenue of $0.53 million during the quarter, compared to the consensus estimate of $0.40 million. Lyra Therapeutics had a negative net margin of 4,099.82% and a negative return on equity of 77.34%. As a group, research analysts expect that Lyra Therapeutics will post -1.18 EPS for the current year.

Institutional Trading of Lyra Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the business. Heritage Wealth Management Inc. Texas acquired a new position in Lyra Therapeutics during the fourth quarter worth about $52,000. Jump Financial LLC bought a new position in Lyra Therapeutics in the 4th quarter valued at approximately $88,000. Prescott Group Capital Management L.L.C. acquired a new stake in Lyra Therapeutics in the third quarter valued at approximately $117,000. Citigroup Inc. bought a new stake in shares of Lyra Therapeutics during the third quarter worth $265,000. Finally, Parkman Healthcare Partners LLC lifted its stake 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 valued at $3,956,000 after acquiring an additional 129,829 shares during the last quarter. 95.62% of the stock is currently owned by institutional investors.

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.