BTIG Research Reiterates “Neutral” Rating for Lyra Therapeutics (NASDAQ:LYRA)

Lyra Therapeutics (NASDAQ:LYRA)‘s stock had its “neutral” rating reaffirmed by analysts at BTIG Research in a research note issued to investors on Monday, Benzinga reports.

Several other research analysts also recently commented on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $12.00 target price on shares of Lyra Therapeutics in a research note on Wednesday, May 1st. William Blair cut shares of Lyra Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Monday. Bank of America cut their target price on Lyra Therapeutics from $12.00 to $11.00 and set a “buy” rating on the stock in a research note on Monday, March 25th. Finally, Cantor Fitzgerald reaffirmed 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 given a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, Lyra Therapeutics currently has a consensus rating of “Hold” and a consensus price target of $7.13.

Lyra Therapeutics Stock Down 19.5 %

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

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Vestal Point Capital LP purchased a new stake in Lyra Therapeutics in the fourth quarter worth about $15,720,000. Parkman Healthcare Partners LLC increased its position in 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 buying an additional 129,829 shares in the last quarter. Citigroup Inc. purchased a new position in Lyra Therapeutics during the third quarter valued at $265,000. Prescott Group Capital Management L.L.C. bought a new stake in Lyra Therapeutics in the third quarter worth $117,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Lyra Therapeutics in the third quarter worth $73,000. 95.62% of the stock is currently owned by 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.