Ikarian Capital LLC Sells 197,555 Shares of Lyra Therapeutics, Inc. (NASDAQ:LYRA)

Ikarian Capital LLC decreased its holdings in shares of Lyra Therapeutics, Inc. (NASDAQ:LYRA) by 15.7% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 1,056,829 shares of the company’s stock after selling 197,555 shares during the period. Lyra Therapeutics makes up 0.7% of Ikarian Capital LLC’s holdings, making the stock its 27th largest position. Ikarian Capital LLC owned 1.73% of Lyra Therapeutics worth $6,573,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in LYRA. Vestal Point Capital LP bought a new stake in shares of Lyra Therapeutics during the 4th quarter valued at $15,720,000. Vanguard Group Inc. increased its position in shares of Lyra Therapeutics by 38.3% in the 1st quarter. Vanguard Group Inc. now owns 1,481,481 shares of the company’s stock valued at $9,215,000 after buying an additional 410,021 shares in the last quarter. Parkman Healthcare Partners LLC increased its position in shares of 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 in the last quarter. Jump Financial LLC bought a new stake in shares of Lyra Therapeutics in the 4th quarter valued at $88,000. Finally, Heritage Wealth Management Inc. Texas bought a new stake in shares of Lyra Therapeutics in the 4th quarter valued at $52,000. Institutional investors own 95.62% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently commented on LYRA. William Blair cut shares of Lyra Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Monday, May 6th. Bank of America cut shares of Lyra Therapeutics from a “buy” rating to an “underperform” rating in a research report on Tuesday, May 7th. Cantor Fitzgerald restated an “overweight” rating on shares of Lyra Therapeutics in a research report on Thursday, June 20th. HC Wainwright cut Lyra Therapeutics from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $12.00 to $2.00 in a report on Tuesday, May 7th. Finally, Jefferies Financial Group downgraded Lyra Therapeutics from a “buy” rating to a “hold” rating and dropped their price target for the company from $10.00 to $0.50 in a research note on Tuesday, May 7th. One equities 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 company. Based on data from MarketBeat.com, Lyra Therapeutics currently has an average rating of “Hold” and an average target price of $7.13.

Lyra Therapeutics Price Performance

Shares of LYRA traded down $0.02 during midday trading on Thursday, hitting $0.31. The stock had a trading volume of 813,282 shares, compared to its average volume of 1,905,726. The company has a 50 day simple moving average of $0.30 and a two-hundred day simple moving average of $3.10. Lyra Therapeutics, Inc. has a twelve month low of $0.25 and a twelve month high of $6.79. The firm has a market cap of $18.68 million, a price-to-earnings ratio of -0.26 and a beta of -0.01.

Lyra Therapeutics (NASDAQ:LYRA) last released 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 company had revenue of $0.53 million for the quarter, compared to the consensus estimate of $0.40 million. Lyra Therapeutics had a negative return on equity of 77.34% and a negative net margin of 4,099.82%. Analysts forecast that Lyra Therapeutics, Inc. will post -1.22 EPS for the current fiscal year.

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.