William Blair Downgrades Lyra Therapeutics (NASDAQ:LYRA) to Market Perform

Lyra Therapeutics (NASDAQ:LYRA) was downgraded by equities research analysts at William Blair from an “outperform” rating to a “market perform” rating in a research report issued on Monday, Marketbeat.com reports. William Blair also issued estimates for Lyra Therapeutics’ Q2 2024 earnings at ($0.33) EPS, Q3 2024 earnings at ($0.31) EPS, Q4 2024 earnings at ($0.29) EPS, FY2024 earnings at ($1.27) EPS, Q1 2025 earnings at ($0.31) EPS, Q2 2025 earnings at ($0.30) EPS, Q3 2025 earnings at ($0.32) EPS, Q4 2025 earnings at ($0.29) EPS and FY2025 earnings at ($1.22) EPS.

A number of other analysts have also recently weighed in on LYRA. Bank of America cut their price objective on shares of Lyra Therapeutics from $12.00 to $11.00 and set a “buy” rating on the stock in a report on Monday, March 25th. HC Wainwright restated a “buy” rating and set a $12.00 target price on shares of Lyra Therapeutics in a research report on Wednesday, May 1st. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Lyra Therapeutics in a research report on Friday, January 12th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $7.13.

Lyra Therapeutics Trading Down 19.5 %

LYRA stock opened at $0.42 on Monday. Lyra Therapeutics has a twelve month low of $0.36 and a twelve month high of $6.79. The company’s 50 day moving average is $5.33 and its two-hundred day moving average is $4.64. The stock has a market cap of $25.61 million, a P/E ratio of -0.35 and a beta of 0.31.

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 analysts’ consensus estimates of ($0.26) by ($0.09). Lyra Therapeutics had a negative return on equity of 77.34% and a negative net margin of 4,099.82%. The company had revenue of $0.53 million for the quarter, compared to analyst estimates of $0.40 million. On average, equities research analysts predict that Lyra Therapeutics will post -1.28 earnings per share for the current year.

Hedge Funds Weigh In On Lyra Therapeutics

A number of hedge funds have recently modified their holdings of LYRA. Parkman Healthcare Partners LLC grew its position in Lyra Therapeutics by 20.8% in the 4th quarter. Parkman Healthcare Partners LLC now owns 754,885 shares of the company’s stock valued at $3,956,000 after buying an additional 129,829 shares during the last quarter. Vestal Point Capital LP purchased a new position in Lyra Therapeutics in the 4th quarter valued at $15,720,000. Jump Financial LLC purchased a new position in Lyra Therapeutics in the 4th quarter valued at $88,000. Heritage Wealth Management Inc. Texas purchased a new position in Lyra Therapeutics in the 4th quarter valued at $52,000. Finally, Citigroup Inc. purchased a new position in Lyra Therapeutics in the 3rd quarter valued at $265,000. 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.