Short Interest in Lyra Therapeutics, Inc. (NASDAQ:LYRA) Drops By 70.7%

Lyra Therapeutics, Inc. (NASDAQ:LYRA) saw a large decrease in short interest during the month of February. As of February 27th, there was short interest totaling 16,533 shares, a decrease of 70.7% from the February 12th total of 56,490 shares. Based on an average trading volume of 33,406 shares, the days-to-cover ratio is currently 0.5 days. Currently, 1.0% of the shares of the stock are short sold. Currently, 1.0% of the shares of the stock are short sold. Based on an average trading volume of 33,406 shares, the days-to-cover ratio is currently 0.5 days.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Lyra Therapeutics in a report on Thursday, January 22nd. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Reduce” and a consensus price target of $100.00.

Lyra Therapeutics Price Performance

NASDAQ LYRA traded up $0.03 on Wednesday, hitting $1.33. 11,485 shares of the stock were exchanged, compared to its average volume of 94,734. The company’s 50-day moving average price is $1.92 and its two-hundred day moving average price is $4.22. The company has a market capitalization of $2.35 million and a price-to-earnings ratio of -0.06. Lyra Therapeutics has a 52-week low of $0.91 and a 52-week high of $37.50.

Hedge Funds Weigh In On Lyra Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of LYRA. Sabby Management LLC lifted its position in shares of Lyra Therapeutics by 37.2% in the fourth quarter. Sabby Management LLC now owns 175,158 shares of the company’s stock worth $539,000 after purchasing an additional 47,534 shares in the last quarter. Bank of America Corp DE lifted its position in Lyra Therapeutics by 33.7% in the 2nd quarter. Bank of America Corp DE now owns 28,542 shares of the company’s stock worth $256,000 after buying an additional 7,190 shares in the last quarter. Citadel Advisors LLC acquired a new stake in shares of Lyra Therapeutics during the 3rd quarter valued at $128,000. DRW Securities LLC purchased a new position in shares of Lyra Therapeutics during the 4th quarter valued at $52,000. Finally, Artia Global Partners LP purchased a new position in shares of Lyra Therapeutics during the 4th quarter valued at $27,000. Hedge funds and other institutional investors own 95.62% of the company’s stock.

Lyra Therapeutics Company Profile

Lyra Therapeutics is a clinical-stage biopharmaceutical company dedicated to developing targeted drug delivery therapies for diseases of the ear, nose and throat (ENT). Leveraging its proprietary Therapeutic Drug Delivery (TDD) platform, the company designs bioresorbable, steroid-eluting implants that provide sustained, localized release of medication directly to affected tissue. This approach aims to improve patient outcomes by reducing the need for repeated administration and minimizing systemic side effects.

The company’s lead product candidate, LYR-210, is an implantable matrix that delivers the corticosteroid mometasone furoate over several months to treat chronic rhinosinusitis (CRS).