Lyra Therapeutics, Inc. (NASDAQ:LYRA) Receives $7.13 Average Target Price from Brokerages

Lyra Therapeutics, Inc. (NASDAQ:LYRA) has been given a consensus rating of “Hold” by the six ratings firms that are covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $7.13.

A number of research analysts have recently weighed in on LYRA shares. William Blair cut Lyra Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Monday, May 6th. Jefferies Financial Group cut Lyra Therapeutics from a “buy” rating to a “hold” rating and dropped their price target for the company from $10.00 to $0.50 in a research report on Tuesday, May 7th. Bank of America cut Lyra Therapeutics from a “buy” rating to an “underperform” rating in a research report on Tuesday, May 7th. Cantor Fitzgerald restated an “overweight” rating on shares of Lyra Therapeutics in a research report on Thursday, June 20th. Finally, BTIG Research restated a “neutral” rating on shares of Lyra Therapeutics in a research report on Monday, May 6th.

Institutional Trading of Lyra Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Heritage Wealth Management Inc. Texas purchased a new stake in Lyra Therapeutics during the 4th quarter worth about $52,000. Jump Financial LLC acquired a new stake in Lyra Therapeutics in the 4th quarter worth about $88,000. Citigroup Inc. acquired a new stake in Lyra Therapeutics in the 3rd quarter worth about $265,000. Parkman Healthcare Partners LLC boosted its stake in 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 during the last quarter. Finally, Vanguard Group Inc. boosted its stake in 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 during the last quarter. Hedge funds and other institutional investors own 95.62% of the company’s stock.

Lyra Therapeutics Price Performance

Shares of LYRA stock opened at $0.28 on Wednesday. The business’s fifty day moving average price is $1.05 and its 200 day moving average price is $3.80. Lyra Therapeutics has a 1-year low of $0.25 and a 1-year high of $6.79. The firm has a market capitalization of $17.07 million, a PE ratio of -0.23 and a beta of -0.01.

Lyra Therapeutics (NASDAQ:LYRA) last announced its quarterly earnings data on Tuesday, April 30th. The company reported ($0.35) earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $0.53 million for the quarter, compared to analyst estimates of $0.40 million. Equities research analysts expect that Lyra Therapeutics will post -1.18 earnings per share for the current fiscal 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.