Lyra Therapeutics (NASDAQ:LYRA) Cut to “Neutral” at HC Wainwright

Lyra Therapeutics (NASDAQ:LYRA) was downgraded by investment analysts at HC Wainwright from a “buy” rating to a “neutral” rating in a report issued on Tuesday, Briefing.com reports. They currently have a $2.00 target price on the stock, down from their previous target price of $12.00. HC Wainwright’s price target indicates a potential upside of 283.51% from the stock’s previous close.

A number of other analysts have also recently issued reports on LYRA. BTIG Research reissued a “neutral” rating on shares of Lyra Therapeutics in a research report on Monday. Cantor Fitzgerald reiterated an “overweight” rating on shares of Lyra Therapeutics in a report on Friday, January 12th. Jefferies Financial Group downgraded Lyra Therapeutics from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $10.00 to $0.50 in a report on Tuesday. Bank of America lowered shares of Lyra Therapeutics from a “buy” rating to an “underperform” rating in a research report on Tuesday. Finally, William Blair downgraded shares of Lyra Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Monday. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, Lyra Therapeutics currently has an average rating of “Hold” and an average target price of $7.13.

Lyra Therapeutics Price Performance

NASDAQ:LYRA opened at $0.52 on Tuesday. The stock has a market cap of $31.80 million, a PE ratio of -0.43 and a beta of 0.31. Lyra Therapeutics has a fifty-two week low of $0.36 and a fifty-two week high of $6.79. The stock’s 50-day moving average is $5.43 and its two-hundred day moving average is $4.66.

Lyra Therapeutics (NASDAQ:LYRA) last released its quarterly earnings data on Tuesday, April 30th. The company reported ($0.35) earnings per share for the quarter, missing the consensus estimate of ($0.26) by ($0.09). The company had revenue of $0.53 million during the quarter, compared to analyst estimates of $0.40 million. Lyra Therapeutics had a negative net margin of 4,099.82% and a negative return on equity of 77.34%. On average, equities research analysts anticipate that Lyra Therapeutics will post -1.28 earnings per share for the current year.

Institutional Trading of Lyra Therapeutics

Large investors have recently modified their holdings of the company. Bank of New York Mellon Corp acquired a new position in shares of Lyra Therapeutics in the third quarter valued at $73,000. Citigroup Inc. bought a new stake in Lyra Therapeutics in the 3rd quarter valued at $265,000. Prescott Group Capital Management L.L.C. acquired a new position in shares of Lyra Therapeutics in the 3rd quarter valued at $117,000. Heritage Wealth Management Inc. Texas bought a new position in shares of Lyra Therapeutics during the 4th quarter worth about $52,000. Finally, Parkman Healthcare Partners LLC boosted its position in shares of Lyra Therapeutics by 20.8% during the 4th quarter. Parkman Healthcare Partners LLC now owns 754,885 shares of the company’s stock valued at $3,956,000 after acquiring an additional 129,829 shares in the last quarter. 95.62% of the stock is owned by institutional investors.

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.