Zacks Investment Research Lowers Lyra Therapeutics (NASDAQ:LYRA) to Hold

Zacks Investment Research downgraded shares of Lyra Therapeutics (NASDAQ:LYRA) from a buy rating to a hold rating in a report published on Thursday morning, Zacks.com reports.

According to Zacks, “Lyra Therapeutics Inc. is a clinical-stage therapeutics company. It is focused on the development and commercialization of novel integrated drug and delivery solutions for patients with ear, nose and throat diseases. The company’s proprietary technology platform, XTreo(TM), is designed to precisely and consistently deliver medicines directly to the affected tissue. Its initial product candidates consist LYR-210 and LYR-220 which are in clinical stage. Lyra Therapeutics Inc. is based in Watertown, Mass. “

Several other research firms also recently weighed in on LYRA. Bank of America assumed coverage on shares of Lyra Therapeutics in a research note on Tuesday, May 26th. They issued a buy rating and a $21.00 price target for the company. William Blair initiated coverage on shares of Lyra Therapeutics in a report on Tuesday, May 26th. They set an outperform rating for the company. BTIG Research initiated coverage on shares of Lyra Therapeutics in a report on Tuesday, May 26th. They set a buy rating and a $28.00 price objective for the company. Finally, Jefferies Financial Group initiated coverage on shares of Lyra Therapeutics in a report on Tuesday, May 26th. They set a buy rating and a $24.00 price objective for the company. One research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of Buy and an average price target of $22.00.

LYRA opened at $13.40 on Thursday. Lyra Therapeutics has a 1-year low of $10.44 and a 1-year high of $22.00. The firm has a fifty day moving average of $12.15.

Lyra Therapeutics (NASDAQ:LYRA) last posted its quarterly earnings results on Thursday, May 28th. The company reported ($18.70) earnings per share for the quarter. On average, equities research analysts predict that Lyra Therapeutics will post -1.66 EPS for the current year.

In other news, Director Edward T. Anderson purchased 250,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The shares were acquired at an average cost of $15.79 per share, for a total transaction of $3,947,500.00. Also, major shareholder Polaris Venture Partners Speci purchased 62,500 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The shares were purchased at an average price of $15.79 per share, for a total transaction of $986,875.00.

About Lyra Therapeutics

Lyra Therapeutics, Inc, a clinical-stage therapeutics company, focuses on the development and commercialization of novel integrated drug and delivery solutions using XTreo technology platform for the localized treatment of patients with ear, nose, and throat diseases. Its XTreo platform is designed to deliver medicines directly to the affected tissue for sustained periods with a single administration.

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