Brokerages Set Lyra Therapeutics, Inc. (NASDAQ:LYRA) Target Price at $7.13

Shares of Lyra Therapeutics, Inc. (NASDAQ:LYRA) have been given an average recommendation of “Hold” by the six brokerages that are currently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $7.13.

A number of research analysts recently commented on LYRA shares. Bank of America downgraded Lyra Therapeutics from a “buy” rating to an “underperform” rating in a research note on Tuesday, May 7th. William Blair cut Lyra Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Monday, May 6th. BTIG Research reiterated a “neutral” rating on shares of Lyra Therapeutics in a research report on Monday, May 6th. HC Wainwright cut Lyra Therapeutics from a “buy” rating to a “neutral” rating and decreased their target price for the company from $12.00 to $2.00 in a research report on Tuesday, May 7th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Lyra Therapeutics in a research report on Thursday, June 20th.

Lyra Therapeutics Price Performance

LYRA stock opened at $0.31 on Friday. The company has a market cap of $18.75 million, a PE ratio of -0.26 and a beta of -0.01. The business has a 50-day simple moving average of $0.30 and a 200 day simple moving average of $3.21. Lyra Therapeutics has a 52 week low of $0.25 and a 52 week high of $6.79.

Lyra Therapeutics (NASDAQ:LYRA) last posted its quarterly earnings results on Tuesday, April 30th. The company reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.09). The company had revenue of $0.53 million during the quarter, compared to analyst estimates 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, analysts anticipate that Lyra Therapeutics will post -1.18 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Heritage Wealth Management Inc. Texas bought a new stake in shares of Lyra Therapeutics during the fourth quarter worth about $52,000. Jump Financial LLC bought a new stake in shares of Lyra Therapeutics during the fourth quarter worth about $88,000. Citigroup Inc. bought a new stake in shares of Lyra Therapeutics during the third quarter worth about $265,000. Parkman Healthcare Partners LLC grew its holdings 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 purchasing an additional 129,829 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of Lyra Therapeutics by 38.3% during the first quarter. Vanguard Group Inc. now owns 1,481,481 shares of the company’s stock worth $9,215,000 after purchasing an additional 410,021 shares during the last quarter. Institutional investors own 95.62% of the company’s stock.

Lyra Therapeutics Company Profile

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.