Lyra Therapeutics, Inc. (NASDAQ:LYRA) Sees Large Drop in Short Interest

Lyra Therapeutics, Inc. (NASDAQ:LYRA) was the target of a large drop in short interest in February. As of February 28th, there was short interest totalling 1,880,000 shares, a drop of 13.4% from the February 13th total of 2,170,000 shares. Based on an average daily volume of 1,270,000 shares, the short-interest ratio is currently 1.5 days. Approximately 3.0% of the company’s stock are short sold.

Institutional Investors Weigh In On Lyra Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of LYRA. 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 acquiring an additional 117,578 shares during the period. ADAR1 Capital Management LLC acquired a new position in Lyra Therapeutics in the 4th quarter worth approximately $110,000. State Street Corp lifted its position in shares of Lyra Therapeutics by 88.1% in 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 in the last quarter. Northern Trust Corp grew 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 valued at $59,000 after purchasing an additional 103,026 shares in the last quarter. Finally, BNP Paribas Financial Markets purchased a new stake in shares of Lyra Therapeutics during the 4th quarter worth about $51,000. 95.62% of the stock is currently owned by institutional investors.

Lyra Therapeutics Stock Down 1.2 %

Shares of LYRA traded down $0.00 during trading on Thursday, reaching $0.16. The company’s stock had a trading volume of 234,300 shares, compared to its average volume of 1,880,468. The company has a fifty day moving average of $0.19 and a two-hundred day moving average of $0.22. The company has a market cap of $10.34 million, a price-to-earnings ratio of -0.11 and a beta of -0.18. Lyra Therapeutics has a twelve month low of $0.14 and a twelve month high of $6.79.

Lyra Therapeutics (NASDAQ:LYRA) last released its earnings results on Thursday, March 13th. The company reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.04). The firm had revenue of $0.21 million for the quarter, compared to the consensus estimate 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 in the prior year, the business earned ($1.26) EPS. As a group, equities analysts forecast that Lyra Therapeutics will post -0.93 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright reiterated a “neutral” rating and issued a $2.00 price objective on shares of Lyra Therapeutics in a report on Friday, March 14th. 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. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $4.50.

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.