Lyra Therapeutics (NASDAQ:LYRA) Downgraded by Bank of America to Underperform

Lyra Therapeutics (NASDAQ:LYRA) was downgraded by stock analysts at Bank of America from a “buy” rating to an “underperform” rating in a research report issued on Tuesday, Briefing.com reports.

A number of other research analysts also recently commented on LYRA. HC Wainwright reaffirmed a “buy” rating and issued a $12.00 price target on shares of Lyra Therapeutics in a research note on Wednesday, May 1st. William Blair cut Lyra Therapeutics from an “outperform” rating to a “market perform” rating in a report on Monday. BTIG Research restated a “neutral” rating on shares of Lyra Therapeutics in a report on Monday. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Lyra Therapeutics in a report on Friday, January 12th. One 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. According to data from MarketBeat, Lyra Therapeutics presently has an average rating of “Hold” and a consensus target price of $7.13.

Lyra Therapeutics Trading Down 87.1 %

NASDAQ:LYRA opened at $0.52 on Tuesday. Lyra Therapeutics has a 1-year low of $0.36 and a 1-year high of $6.79. The firm has a fifty day simple moving average of $5.43 and a 200 day simple moving average of $4.66. The stock has a market capitalization of $31.80 million, a PE ratio of -0.43 and a beta of 0.31.

Lyra Therapeutics (NASDAQ:LYRA) last released its earnings results on Tuesday, April 30th. The company reported ($0.35) earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $0.53 million during the quarter, compared to the consensus estimate of $0.40 million. On average, equities analysts predict that Lyra Therapeutics will post -1.28 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lyra Therapeutics

A number of large investors have recently bought and sold shares of the stock. Vestal Point Capital LP purchased a new position in shares of Lyra Therapeutics during the fourth quarter valued at approximately $15,720,000. Parkman Healthcare Partners LLC grew its stake in shares of Lyra Therapeutics by 20.8% in the fourth quarter. Parkman Healthcare Partners LLC now owns 754,885 shares of the company’s stock worth $3,956,000 after acquiring an additional 129,829 shares during the last quarter. Citigroup Inc. purchased a new stake in shares of Lyra Therapeutics in the third quarter worth $265,000. Prescott Group Capital Management L.L.C. purchased a new stake in shares of Lyra Therapeutics in the third quarter worth $117,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Lyra Therapeutics in the third quarter worth $73,000. 95.62% of the stock is owned by hedge funds and other institutional investors.

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.