Lyra Therapeutics (NASDAQ:LYRA) Downgraded to Hold at Jefferies Financial Group

Jefferies Financial Group downgraded shares of Lyra Therapeutics (NASDAQ:LYRA) from a buy rating to a hold rating in a research note published on Tuesday morning, MarketBeat.com reports. The firm currently has $0.50 target price on the stock, down from their previous target price of $10.00.

LYRA has been the subject of a number of other reports. Cantor Fitzgerald reissued an overweight rating on shares of Lyra Therapeutics in a research report on Friday, January 12th. HC Wainwright reiterated a buy rating and issued a $12.00 target price on shares of Lyra Therapeutics in a report on Wednesday, May 1st. William Blair cut shares of Lyra Therapeutics from an outperform rating to a market perform rating in a report on Monday. BTIG Research reiterated a neutral rating on shares of Lyra Therapeutics in a research note on Monday. Finally, Bank of America cut shares of Lyra Therapeutics from a buy rating to an underperform rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of Hold and an average target price of $7.13.

Lyra Therapeutics Price Performance

NASDAQ:LYRA opened at $0.42 on Tuesday. Lyra Therapeutics has a one year low of $0.36 and a one year high of $6.79. The company has a market cap of $25.61 million, a PE ratio of -0.35 and a beta of 0.31. The firm has a 50-day moving average of $5.33 and a 200-day moving average of $4.64.

Lyra Therapeutics (NASDAQ:LYRA) last issued 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 company had revenue of $0.53 million for the quarter, compared to the consensus estimate of $0.40 million. Lyra Therapeutics had a negative return on equity of 77.34% and a negative net margin of 4,099.82%. On average, equities research analysts expect that Lyra Therapeutics will post -1.28 earnings per share for the current fiscal year.

Institutional Trading of Lyra Therapeutics

A number of large investors have recently added to or reduced their stakes in LYRA. Vestal Point Capital LP purchased a new position in Lyra Therapeutics in the fourth quarter valued at about $15,720,000. Parkman Healthcare Partners LLC raised its holdings in shares of Lyra Therapeutics by 20.8% in the 4th quarter. Parkman Healthcare Partners LLC now owns 754,885 shares of the company’s stock worth $3,956,000 after purchasing an additional 129,829 shares during the period. Citigroup Inc. purchased a new position in Lyra Therapeutics in the third quarter valued at approximately $265,000. Prescott Group Capital Management L.L.C. bought a new position in Lyra Therapeutics during the third quarter valued at $117,000. Finally, Bank of New York Mellon Corp purchased a new stake in Lyra Therapeutics in the third quarter worth $73,000. Hedge funds and other institutional investors 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.