Lyra Therapeutics, Inc. (NASDAQ:LYRA) Sees Significant Decrease in Short Interest

Lyra Therapeutics, Inc. (NASDAQ:LYRA) was the recipient of a large drop in short interest in February. As of February 28th, there was short interest totalling 1,880,000 shares, a drop of 13.4% from the February 13th total of 2,170,000 shares. Currently, 3.0% of the company’s stock are short sold. Based on an average trading volume of 1,270,000 shares, the days-to-cover ratio is presently 1.5 days.

Lyra Therapeutics Price Performance

LYRA traded down $0.00 during trading on Thursday, reaching $0.16. 234,300 shares of the stock were exchanged, compared to its average volume of 1,880,468. Lyra Therapeutics has a 1 year low of $0.14 and a 1 year high of $6.79. The company has a market capitalization of $10.34 million, a price-to-earnings ratio of -0.11 and a beta of -0.18. The business’s 50 day moving average price is $0.19 and its two-hundred day moving average price is $0.22.

Lyra Therapeutics (NASDAQ:LYRA) last issued its quarterly earnings data on Thursday, March 13th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.04). Lyra Therapeutics had a negative return on equity of 125.07% and a negative net margin of 6,635.76%. The company had revenue of $0.21 million for the quarter, compared to analyst estimates of $0.21 million. During the same quarter in the prior year, the firm earned ($1.26) earnings per share. On average, analysts anticipate that Lyra Therapeutics will post -0.93 EPS for the current year.

Analysts Set New Price Targets

Separately, HC Wainwright reissued a “neutral” rating and issued a $2.00 target price on shares of Lyra Therapeutics in a research report on Friday, March 14th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $4.50.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of LYRA. BNP Paribas Financial Markets acquired a new stake in Lyra Therapeutics during the fourth quarter worth about $51,000. Northern Trust Corp increased its position in Lyra Therapeutics by 56.2% during the 4th quarter. Northern Trust Corp now owns 286,310 shares of the company’s stock worth $59,000 after purchasing an additional 103,026 shares in the last quarter. ADAR1 Capital Management LLC acquired a new stake in Lyra Therapeutics during the 4th quarter worth approximately $110,000. Geode Capital Management LLC raised its holdings in Lyra Therapeutics by 15.3% in the fourth quarter. Geode Capital Management LLC now owns 885,966 shares of the company’s stock valued at $183,000 after buying an additional 117,578 shares during the period. Finally, JPMorgan Chase & Co. lifted its position in Lyra Therapeutics by 161.8% during the fourth quarter. JPMorgan Chase & Co. now owns 156,442 shares of the company’s stock valued at $32,000 after buying an additional 96,681 shares in the last quarter. 95.62% of the stock is currently owned by hedge funds and other institutional investors.

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.