Brokerages Set Lyra Therapeutics, Inc. (NASDAQ:LYRA) Target Price at $4.50

Shares of Lyra Therapeutics, Inc. (NASDAQ:LYRA) have been assigned an average rating of “Hold” from the six analysts that are presently covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. The average 12-month price objective among brokerages that have covered the stock in the last year is $4.50.

Separately, HC Wainwright reiterated a “neutral” rating and issued a $2.00 target price on shares of Lyra Therapeutics in a research report on Friday.

Hedge Funds Weigh In On Lyra Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of LYRA. JPMorgan Chase & Co. boosted 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 worth $32,000 after acquiring an additional 96,681 shares during the last quarter. BNP Paribas Financial Markets acquired a new position in Lyra Therapeutics during the fourth quarter worth about $51,000. Northern Trust Corp raised its stake in Lyra Therapeutics by 56.2% during the fourth quarter. Northern Trust Corp now owns 286,310 shares of the company’s stock worth $59,000 after purchasing an additional 103,026 shares during the period. ADAR1 Capital Management LLC purchased a new position in Lyra Therapeutics during the fourth quarter worth about $110,000. Finally, State Street Corp raised its stake in Lyra Therapeutics by 88.1% during the third quarter. State Street Corp now owns 488,720 shares of the company’s stock worth $126,000 after purchasing an additional 228,900 shares during the period. 95.62% of the stock is currently owned by institutional investors and hedge funds.

Lyra Therapeutics Stock Performance

LYRA stock opened at $0.17 on Friday. The firm has a market cap of $11.26 million, a PE ratio of -0.12 and a beta of -0.18. The firm’s fifty day moving average is $0.19 and its 200 day moving average is $0.22. Lyra Therapeutics has a one year low of $0.16 and a one year high of $6.79.

Lyra Therapeutics (NASDAQ:LYRA) last announced its earnings results 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 net margin of 6,635.76% and a negative return on equity of 125.07%. The company had revenue of $0.21 million during the quarter, compared to analyst estimates of $0.21 million. During the same quarter last year, the business earned ($1.26) EPS. Research analysts predict that Lyra Therapeutics will post -0.93 earnings per share for the current fiscal year.

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.