Lyra Therapeutics (NASDAQ:LYRA) Downgraded by Bank of America to Underperform

Lyra Therapeutics (NASDAQ:LYRA) was downgraded by equities researchers at Bank of America from a “buy” rating to an “underperform” rating in a research note issued to investors on Tuesday, Briefing.com reports.

A number of other brokerages have also recently commented on LYRA. BTIG Research reiterated a “neutral” rating on shares of Lyra Therapeutics in a research report on Monday. HC Wainwright reaffirmed a “buy” rating and set a $12.00 price target on shares of Lyra Therapeutics in a research report on Wednesday, May 1st. William Blair cut Lyra Therapeutics from an “outperform” rating to a “market perform” rating in a report on Monday. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Lyra Therapeutics in a research note on Friday, January 12th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, Lyra Therapeutics presently has a consensus rating of “Hold” and an average target price of $7.13.

Lyra Therapeutics Trading Down 87.1 %

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

Lyra Therapeutics (NASDAQ:LYRA) last posted its quarterly earnings data on Tuesday, April 30th. The company reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.09). The business had revenue of $0.53 million during the quarter, compared to analysts’ expectations 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, research analysts predict that Lyra Therapeutics will post -1.28 earnings per share for the current fiscal year.

Institutional Trading of Lyra Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LYRA. Vestal Point Capital LP purchased a new stake in shares of Lyra Therapeutics during the fourth quarter worth $15,720,000. Parkman Healthcare Partners LLC increased its position in shares of 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 acquiring an additional 129,829 shares during the period. Citigroup Inc. purchased a new stake in shares of Lyra Therapeutics during the third quarter worth $265,000. Prescott Group Capital Management L.L.C. purchased a new stake in shares of Lyra Therapeutics during the third quarter worth $117,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Lyra Therapeutics during the third quarter worth $73,000. Hedge funds and other institutional investors own 95.62% of the company’s stock.

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.