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

Lyra Therapeutics, Inc. (NASDAQ:LYRA) was the target of a significant decrease in short interest in October. As of October 15th, there was short interest totalling 2,140,000 shares, a decrease of 24.9% from the September 30th total of 2,850,000 shares. Based on an average daily volume of 993,700 shares, the days-to-cover ratio is currently 2.2 days.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Cantor Fitzgerald reissued an “overweight” rating on shares of Lyra Therapeutics in a research report on Thursday, August 15th. HC Wainwright reaffirmed a “neutral” rating and issued a $2.00 target price on shares of Lyra Therapeutics in a report on Thursday, August 15th. Finally, William Blair raised shares of Lyra Therapeutics to a “hold” rating in a report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $4.50.

Lyra Therapeutics Stock Performance

LYRA stock traded up $0.01 during midday trading on Tuesday, reaching $0.27. 1,617,962 shares of the company were exchanged, compared to its average volume of 1,636,061. Lyra Therapeutics has a 1-year low of $0.21 and a 1-year high of $6.79. The stock’s 50-day simple moving average is $0.27 and its 200 day simple moving average is $0.80. The company has a market cap of $17.35 million, a price-to-earnings ratio of -0.17 and a beta of -0.02.

Lyra Therapeutics (NASDAQ:LYRA) last announced its earnings results on Wednesday, August 14th. The company reported ($0.29) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.05. The business had revenue of $0.60 million for the quarter, compared to analyst estimates of $0.43 million. Lyra Therapeutics had a negative net margin of 5,570.88% and a negative return on equity of 102.22%. On average, research analysts anticipate that Lyra Therapeutics will post -1.15 earnings per share for the current year.

Hedge Funds Weigh In On Lyra Therapeutics

A hedge fund recently raised its stake in Lyra Therapeutics stock. Vanguard Group Inc. boosted its position in Lyra Therapeutics, Inc. (NASDAQ:LYRA) by 38.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,481,481 shares of the company’s stock after buying an additional 410,021 shares during the period. Vanguard Group Inc. owned approximately 2.43% of Lyra Therapeutics worth $9,215,000 as of its most recent SEC filing. 95.62% of the stock is currently 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.