Lyra Therapeutics (NASDAQ:LYRA) Stock Rating Lowered by Jefferies Financial Group

Lyra Therapeutics (NASDAQ:LYRA) was downgraded by stock analysts at Jefferies Financial Group from a “buy” rating to a “hold” rating in a report released on Tuesday, Marketbeat Ratings reports. They presently have a $0.50 target price on the stock, down from their previous target price of $10.00. Jefferies Financial Group’s target price would suggest a potential upside of 28.27% from the stock’s previous close.

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

Lyra Therapeutics Trading Down 7.2 %

Shares of LYRA stock opened at $0.39 on Tuesday. The company has a market capitalization of $23.77 million, a P/E ratio of -0.32 and a beta of 0.31. Lyra Therapeutics has a 12 month low of $0.36 and a 12 month high of $6.79. The stock has a 50 day moving average of $5.22 and a two-hundred day moving average of $4.61.

Lyra Therapeutics (NASDAQ:LYRA) last issued its earnings results on Tuesday, April 30th. The company reported ($0.35) EPS for the quarter, missing the consensus estimate of ($0.26) by ($0.09). The firm had revenue of $0.53 million during 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%. Sell-side 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 institutional investors and hedge funds have recently bought and sold shares of LYRA. Parkman Healthcare Partners LLC raised its holdings 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 valued at $3,956,000 after buying an additional 129,829 shares during the last quarter. Vestal Point Capital LP acquired a new stake in Lyra Therapeutics in the 4th quarter valued at about $15,720,000. Jump Financial LLC acquired a new stake in Lyra Therapeutics in the 4th quarter valued at about $88,000. Heritage Wealth Management Inc. Texas bought a new position in shares of Lyra Therapeutics in the fourth quarter worth about $52,000. Finally, Citigroup Inc. acquired a new position in shares of Lyra Therapeutics during the third quarter worth approximately $265,000. Institutional investors and hedge funds own 95.62% of the company’s stock.

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.