BTIG Research Reaffirms Buy Rating for Lyra Therapeutics (NASDAQ:LYRA)

BTIG Research restated their buy rating on shares of Lyra Therapeutics (NASDAQ:LYRA) in a report published on Thursday, Price Targets.com reports.

Separately, Zacks Investment Research upgraded shares of Lyra Therapeutics from a sell rating to a hold rating in a report on Wednesday, May 12th.

Shares of NASDAQ:LYRA opened at $9.00 on Thursday. The firm has a market capitalization of $117.01 million and a price-to-earnings ratio of -4.27. The business’s fifty day simple moving average is $9.19. Lyra Therapeutics has a 52 week low of $6.85 and a 52 week high of $16.50.

Lyra Therapeutics (NASDAQ:LYRA) last released its earnings results on Tuesday, May 11th. The company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.48) by ($0.12). As a group, equities research analysts anticipate that Lyra Therapeutics will post -2.31 EPS for the current year.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Wells Fargo & Company MN raised its holdings in shares of Lyra Therapeutics by 225.1% during the fourth quarter. Wells Fargo & Company MN now owns 3,521 shares of the company’s stock valued at $40,000 after purchasing an additional 2,438 shares during the period. American International Group Inc. raised its holdings in shares of Lyra Therapeutics by 60.9% during the fourth quarter. American International Group Inc. now owns 3,954 shares of the company’s stock valued at $45,000 after purchasing an additional 1,497 shares during the period. Charles Schwab Investment Management Inc. acquired a new position in shares of Lyra Therapeutics during the fourth quarter valued at about $162,000. Nuveen Asset Management LLC acquired a new position in shares of Lyra Therapeutics during the first quarter valued at about $208,000. Finally, Bank of New York Mellon Corp raised its holdings in shares of Lyra Therapeutics by 24.3% during the fourth quarter. Bank of New York Mellon Corp now owns 19,450 shares of the company’s stock valued at $222,000 after purchasing an additional 3,807 shares during the period. Hedge funds and other institutional investors own 58.15% of the company’s stock.

About Lyra Therapeutics

Lyra Therapeutics, Inc, a clinical-stage therapeutics 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. The company's XTreo technology platform is designed to deliver medicines directly to the affected tissue for sustained periods with a single administration.

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