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

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

Analyst Ratings Changes

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

Lyra Therapeutics Stock Performance

LYRA stock opened at $0.12 on Thursday. Lyra Therapeutics has a fifty-two week low of $0.11 and a fifty-two week high of $5.83. The company’s 50 day moving average price is $0.18 and its 200 day moving average price is $0.21. The firm has a market capitalization of $7.68 million, a price-to-earnings ratio of -0.08 and a beta of -0.18.

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

Institutional Trading of Lyra Therapeutics

A number of institutional investors have recently bought and sold shares of the business. ADAR1 Capital Management LLC acquired a new stake in shares of Lyra Therapeutics during the 4th quarter worth about $110,000. BNP Paribas Financial Markets purchased a new position in Lyra Therapeutics in the fourth quarter valued at approximately $51,000. State Street Corp raised 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 in the last quarter. Geode Capital Management LLC lifted its position in shares of Lyra Therapeutics by 15.3% during the 4th quarter. Geode Capital Management LLC now owns 885,966 shares of the company’s stock worth $183,000 after buying an additional 117,578 shares during the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of Lyra Therapeutics by 56.2% in the 4th quarter. Northern Trust Corp now owns 286,310 shares of the company’s stock valued at $59,000 after buying an additional 103,026 shares in the last quarter. 95.62% of the stock is owned by hedge funds and other 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.