HC Wainwright Reaffirms Buy Rating for Lyra Therapeutics (NASDAQ:LYRA)

HC Wainwright restated their buy rating on shares of Lyra Therapeutics (NASDAQ:LYRA) in a research note released on Wednesday morning, Benzinga reports. HC Wainwright currently has a $12.00 price objective on the stock. HC Wainwright also issued estimates for Lyra Therapeutics’ Q2 2024 earnings at ($0.34) EPS, Q3 2024 earnings at ($0.33) EPS, Q4 2024 earnings at ($0.31) EPS, FY2024 earnings at ($1.33) EPS, FY2025 earnings at ($1.23) EPS, FY2026 earnings at ($1.22) EPS, FY2027 earnings at ($0.78) EPS and FY2028 earnings at ($0.07) EPS.

Other analysts have also issued research reports about the stock. Bank of America cut their price objective on shares of Lyra Therapeutics from $12.00 to $11.00 and set a buy rating on the stock in a research note on Monday, March 25th. Cantor Fitzgerald reiterated an overweight rating on shares of Lyra Therapeutics in a research note on Friday, January 12th.

Lyra Therapeutics Trading Down 13.0 %

NASDAQ LYRA opened at $4.03 on Wednesday. The company has a fifty day simple moving average of $5.55 and a two-hundred day simple moving average of $4.67. The stock has a market cap of $245.71 million, a P/E ratio of -3.52 and a beta of 0.31. Lyra Therapeutics has a 12-month low of $2.36 and a 12-month high of $6.79.

Lyra Therapeutics (NASDAQ:LYRA) last posted its quarterly earnings results on Tuesday, April 30th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.09). The company had revenue of $0.53 million during 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, sell-side analysts forecast that Lyra Therapeutics will post -1.04 earnings per share for the current year.

Institutional Trading of Lyra Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Heritage Wealth Management Inc. Texas acquired a new stake in Lyra Therapeutics during the fourth quarter valued at $52,000. Jump Financial LLC acquired a new stake in Lyra Therapeutics during the fourth quarter valued at $88,000. Bank of New York Mellon Corp acquired a new stake in Lyra Therapeutics during the third quarter valued at $73,000. Prescott Group Capital Management L.L.C. acquired a new stake in Lyra Therapeutics during the third quarter valued at $117,000. Finally, Citigroup Inc. acquired a new stake in Lyra Therapeutics during the third quarter valued at $265,000. Institutional investors and hedge funds own 95.62% of the company’s stock.

About Lyra Therapeutics

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.