Lyra Therapeutics (NASDAQ:LYRA) Trading Down 0.2% – Here’s Why

Shares of Lyra Therapeutics, Inc. (NASDAQ:LYRA) were down 0.2% during mid-day trading on Monday . The company traded as low as $5.66 and last traded at $5.75. Approximately 22,136 shares traded hands during mid-day trading, a decline of 57% from the average daily volume of 51,779 shares. The stock had previously closed at $5.76.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. HC Wainwright reiterated a “neutral” rating on shares of Lyra Therapeutics in a research report on Thursday, August 14th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lyra Therapeutics in a research report on Wednesday, October 8th. Finally, Wall Street Zen cut shares of Lyra Therapeutics from a “hold” rating to a “sell” rating in a research report on Sunday, July 13th. One investment analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Lyra Therapeutics has a consensus rating of “Reduce” and an average price target of $100.00.

Lyra Therapeutics Price Performance

The firm’s 50 day moving average is $6.75 and its 200 day moving average is $7.86. The firm has a market cap of $9.43 million, a P/E ratio of -0.20 and a beta of 0.10.

Lyra Therapeutics (NASDAQ:LYRA) last posted its quarterly earnings data on Tuesday, August 12th. The company reported ($5.51) EPS for the quarter, topping the consensus estimate of ($5.79) by $0.28. Lyra Therapeutics had a negative net margin of 5,043.64% and a negative return on equity of 404.56%. The business had revenue of $0.29 million for the quarter, compared to analyst estimates of $0.18 million. As a group, analysts expect that Lyra Therapeutics, Inc. will post -0.93 EPS for the current year.

Institutional Investors Weigh In On Lyra Therapeutics

An institutional investor recently raised its position in Lyra Therapeutics stock. Bank of America Corp DE increased its holdings in shares of Lyra Therapeutics, Inc. (NASDAQ:LYRA) by 33.7% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,542 shares of the company’s stock after acquiring an additional 7,190 shares during the period. Bank of America Corp DE owned approximately 1.74% of Lyra Therapeutics worth $256,000 at the end of the most recent reporting period. 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.