Lyra Therapeutics (OTCMKTS:LYRA) Stock Price Up 2,400% – Still a Buy?

Lyra Therapeutics, Inc. (OTCMKTS:LYRA)’s share price rose 2,400% during trading on Wednesday . The company traded as high as $0.25 and last traded at $0.25. 959 shares were traded during mid-day trading, a decline of 18% from the average session volume of 1,168 shares. The stock had previously closed at $0.01.

Lyra Therapeutics Price Performance

The firm has a market cap of $442,500.00, a price-to-earnings ratio of -0.01 and a beta of 0.72. The firm has a fifty day simple moving average of $0.44 and a two-hundred day simple moving average of $0.70.

Hedge Funds Weigh In On Lyra Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of LYRA. Artia Global Partners LP purchased a new stake in Lyra Therapeutics during the 4th quarter worth approximately $27,000. DRW Securities LLC purchased a new position in shares of Lyra Therapeutics in the fourth quarter worth $52,000. Citadel Advisors LLC purchased a new position in shares of Lyra Therapeutics in the third quarter worth $128,000. Bank of America Corp DE lifted its stake in shares of Lyra Therapeutics by 33.7% during the second 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 during the period. Finally, Sabby Management LLC lifted its stake in shares of Lyra Therapeutics by 37.2% during the fourth quarter. Sabby Management LLC now owns 175,158 shares of the company’s stock worth $539,000 after buying an additional 47,534 shares during the period. 95.62% of the stock is owned by hedge funds and other institutional investors.

About Lyra Therapeutics

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).