HC Wainwright Lowers Lyra Therapeutics (NASDAQ:LYRA) to Neutral

Lyra Therapeutics (NASDAQ:LYRA) was downgraded by HC Wainwright from a “buy” rating to a “neutral” rating in a report issued on Tuesday, MarketBeat Ratings reports. They presently have a $2.00 target price on the stock, down from their previous target price of $12.00. HC Wainwright’s target price points to a potential upside of 413.08% from the stock’s previous close.

Several other equities research analysts have also commented on the company. Bank of America lowered Lyra Therapeutics from a “buy” rating to an “underperform” rating in a research report on Tuesday. BTIG Research restated a “neutral” rating on shares of Lyra Therapeutics in a research report on Monday. Jefferies Financial Group downgraded shares of Lyra Therapeutics from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $10.00 to $0.50 in a research report on Tuesday. Cantor Fitzgerald restated an “overweight” rating on shares of Lyra Therapeutics in a research report on Friday, January 12th. Finally, William Blair cut Lyra Therapeutics from an “outperform” rating to a “market perform” rating in a report on Monday. One equities research 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’s stock. Based on data from MarketBeat, Lyra Therapeutics currently has an average rating of “Hold” and a consensus target price of $7.13.

Lyra Therapeutics Price Performance

NASDAQ:LYRA opened at $0.39 on Tuesday. The company’s fifty day moving average price is $5.22 and its 200-day moving average price is $4.61. Lyra Therapeutics has a 1-year low of $0.36 and a 1-year high of $6.79. The firm has a market capitalization of $23.77 million, a P/E ratio of -0.32 and a beta of 0.31.

Lyra Therapeutics (NASDAQ:LYRA) last released its quarterly earnings data on Tuesday, April 30th. The company reported ($0.35) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.09). Lyra Therapeutics had a negative net margin of 4,099.82% and a negative return on equity of 77.34%. The company had revenue of $0.53 million for the quarter, compared to analysts’ expectations of $0.40 million. Equities analysts anticipate that Lyra Therapeutics will post -1.28 EPS for the current fiscal year.

Institutional Trading of Lyra Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Heritage Wealth Management Inc. Texas acquired a new stake in Lyra Therapeutics in the 4th quarter worth about $52,000. Jump Financial LLC purchased a new position in shares of Lyra Therapeutics in the fourth quarter valued at approximately $88,000. Bank of New York Mellon Corp purchased a new stake in shares of Lyra Therapeutics during the third quarter worth approximately $73,000. Prescott Group Capital Management L.L.C. acquired a new position in Lyra Therapeutics in the 3rd quarter valued at $117,000. Finally, Citigroup Inc. purchased a new position in Lyra Therapeutics in the 3rd quarter valued at $265,000. Hedge funds and other 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.