Jefferies Financial Group Lowers Lyra Therapeutics (NASDAQ:LYRA) to Hold

Lyra Therapeutics (NASDAQ:LYRA) was downgraded by investment analysts at Jefferies Financial Group from a “buy” rating to a “hold” rating in a report issued on Tuesday, Briefing.com reports. They currently have a $0.50 target price on the stock, down from their previous target price of $10.00. Jefferies Financial Group’s target price suggests a potential downside of 4.12% from the stock’s current price.

A number of other equities research analysts have also recently commented on LYRA. William Blair cut Lyra Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Monday. BTIG Research restated a “neutral” rating on shares of Lyra Therapeutics in a research note on Monday. HC Wainwright restated a “buy” rating and issued a $12.00 price objective on shares of Lyra Therapeutics in a research note on Wednesday, May 1st. Bank of America lowered Lyra Therapeutics from a “buy” rating to an “underperform” rating in a report on Tuesday. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Lyra Therapeutics in a report on Friday, January 12th. 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 company currently has a consensus rating of “Hold” and a consensus price target of $7.13.

Lyra Therapeutics Price Performance

Shares of LYRA stock opened at $0.52 on Tuesday. Lyra Therapeutics has a 1-year low of $0.36 and a 1-year high of $6.79. The stock’s 50-day moving average is $5.43 and its 200 day moving average is $4.66. The company has a market cap of $31.80 million, a P/E ratio of -0.43 and a beta of 0.31.

Lyra Therapeutics (NASDAQ:LYRA) last issued 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 net margin of 4,099.82% and a negative return on equity of 77.34%. The company had revenue of $0.53 million for the quarter, compared to the consensus estimate of $0.40 million. On average, analysts anticipate that Lyra Therapeutics will post -1.28 EPS for the current year.

Hedge Funds Weigh In On Lyra Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the stock. Parkman Healthcare Partners LLC lifted its position in Lyra Therapeutics by 20.8% during the fourth 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 in the last quarter. Vestal Point Capital LP purchased a new stake in Lyra Therapeutics in the fourth quarter valued at $15,720,000. Jump Financial LLC purchased a new stake in Lyra Therapeutics in the fourth quarter valued at $88,000. Heritage Wealth Management Inc. Texas purchased a new stake in Lyra Therapeutics in the fourth quarter valued at $52,000. Finally, Citigroup Inc. purchased a new stake in Lyra Therapeutics in the third quarter valued at $265,000. Hedge funds and other institutional investors own 95.62% of the company’s stock.

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.