Bank of America Trims Lyra Therapeutics (NASDAQ:LYRA) Target Price to $11.00

Lyra Therapeutics (NASDAQ:LYRA) had its price target decreased by Bank of America from $12.00 to $11.00 in a report issued on Monday, Benzinga reports. Bank of America currently has a buy rating on the stock.

LYRA has been the topic of several other reports. HC Wainwright restated a buy rating and set a $12.00 price objective on shares of Lyra Therapeutics in a report on Friday, March 22nd. Cantor Fitzgerald restated an overweight rating on shares of Lyra Therapeutics in a research note on Friday, January 12th.

Lyra Therapeutics Price Performance

Shares of LYRA stock opened at $6.53 on Monday. The company has a market capitalization of $390.10 million, a P/E ratio of -5.06 and a beta of 0.20. The company’s 50-day simple moving average is $5.32 and its two-hundred day simple moving average is $4.43. Lyra Therapeutics has a one year low of $1.89 and a one year high of $6.79.

Hedge Funds Weigh In On Lyra Therapeutics

A number of large investors have recently bought and sold shares of the business. Perceptive Advisors LLC raised its position in shares of Lyra Therapeutics by 39.5% in the 2nd quarter. Perceptive Advisors LLC now owns 12,757,562 shares of the company’s stock worth $52,434,000 after acquiring an additional 3,610,832 shares in the last quarter. Vestal Point Capital LP purchased a new position in Lyra Therapeutics in the fourth quarter valued at about $15,720,000. Point72 Asset Management L.P. bought a new position in Lyra Therapeutics in the fourth quarter worth about $15,720,000. Samsara BioCapital LLC raised its holdings in Lyra Therapeutics by 56.4% in the second quarter. Samsara BioCapital LLC now owns 2,780,261 shares of the company’s stock worth $11,427,000 after purchasing an additional 1,003,010 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in shares of Lyra Therapeutics by 24.0% during the fourth quarter. Vanguard Group Inc. now owns 1,071,460 shares of the company’s stock valued at $5,614,000 after buying an additional 207,128 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.