Short Interest in Lyra Therapeutics, Inc. (NASDAQ:LYRA) Rises By 49.6%

Lyra Therapeutics, Inc. (NASDAQ:LYRAGet Free Report) was the target of a large growth in short interest during the month of May. As of May 31st, there was short interest totalling 902,200 shares, a growth of 49.6% from the May 15th total of 603,000 shares. Based on an average daily trading volume, of 3,260,000 shares, the days-to-cover ratio is presently 0.3 days.

Hedge Funds Weigh In On Lyra Therapeutics

A number of large investors have recently bought and sold shares of the company. Vestal Point Capital LP acquired a new position in shares of Lyra Therapeutics during the 4th quarter worth $15,720,000. Vanguard Group Inc. grew its stake in Lyra Therapeutics by 38.3% in the 1st quarter. Vanguard Group Inc. now owns 1,481,481 shares of the company’s stock valued at $9,215,000 after acquiring an additional 410,021 shares during the last quarter. Parkman Healthcare Partners LLC grew its stake in Lyra Therapeutics by 20.8% in the 4th quarter. Parkman Healthcare Partners LLC now owns 754,885 shares of the company’s stock valued at $3,956,000 after acquiring an additional 129,829 shares during the last quarter. Citigroup Inc. acquired a new stake in Lyra Therapeutics in the 3rd quarter valued at about $265,000. Finally, Prescott Group Capital Management L.L.C. acquired a new stake in Lyra Therapeutics in the 3rd quarter valued at about $117,000. Hedge funds and other institutional investors own 95.62% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Jefferies Financial Group downgraded shares of Lyra Therapeutics from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $10.00 to $0.50 in a research report on Tuesday, May 7th. BTIG Research restated a “neutral” rating on shares of Lyra Therapeutics in a research report on Monday, May 6th. William Blair downgraded shares of Lyra Therapeutics from an “outperform” rating to a “market perform” rating in a research report on Monday, May 6th. Bank of America downgraded shares of Lyra Therapeutics from a “buy” rating to an “underperform” rating in a research report on Tuesday, May 7th. Finally, HC Wainwright downgraded shares of Lyra Therapeutics from a “buy” rating to a “neutral” rating and reduced their price target for the company from $12.00 to $2.00 in a research report on Tuesday, May 7th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $7.13.

Read Our Latest Report on Lyra Therapeutics

Lyra Therapeutics Trading Down 4.8 %

LYRA stock traded down $0.01 on Friday, hitting $0.30. The company’s stock had a trading volume of 1,748,930 shares, compared to its average volume of 2,085,322. The stock has a market cap of $18.00 million, a price-to-earnings ratio of -0.25 and a beta of 0.02. Lyra Therapeutics has a 1 year low of $0.29 and a 1 year high of $6.79. The firm has a 50 day moving average of $2.26 and a two-hundred day moving average of $4.10.

Lyra Therapeutics (NASDAQ:LYRAGet Free Report) last announced its quarterly earnings data on Tuesday, April 30th. The company reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.09). The firm had revenue of $0.53 million for the quarter, compared to analysts’ expectations of $0.40 million. Lyra Therapeutics had a negative return on equity of 77.34% and a negative net margin of 4,099.82%. As a group, equities analysts forecast that Lyra Therapeutics will post -1.18 EPS for the current fiscal year.

About Lyra Therapeutics

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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.

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