Cantor Fitzgerald Reaffirms Overweight Rating for Lyra Therapeutics (NASDAQ:LYRA)

Cantor Fitzgerald reaffirmed their overweight rating on shares of Lyra Therapeutics (NASDAQ:LYRA) in a report published on Thursday, Benzinga reports.

A number of other research firms have also recently issued reports on LYRA. HC Wainwright cut Lyra Therapeutics from a buy rating to a neutral rating and cut their price target for the company from $12.00 to $2.00 in a report on Tuesday, May 7th. Bank of America cut Lyra Therapeutics from a buy rating to an underperform rating in a research note on Tuesday, May 7th. Jefferies Financial Group cut Lyra Therapeutics from a buy rating to a hold rating and dropped their price target for the company from $10.00 to $0.50 in a research note on Tuesday, May 7th. BTIG Research restated a neutral rating on shares of Lyra Therapeutics in a research note on Monday, May 6th. Finally, William Blair cut Lyra Therapeutics from an outperform rating to a market perform rating in a research note on Monday, May 6th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Hold and an average target price of $7.13.

Lyra Therapeutics Stock Up 3.3 %

NASDAQ:LYRA opened at $0.27 on Thursday. Lyra Therapeutics has a 12 month low of $0.26 and a 12 month high of $6.79. The firm has a market cap of $16.47 million, a price-to-earnings ratio of -0.23 and a beta of 0.02. The company’s 50 day moving average is $1.76 and its 200-day moving average is $3.98.

Lyra Therapeutics (NASDAQ:LYRA) last announced its quarterly earnings data on Tuesday, April 30th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.26) by ($0.09). Lyra Therapeutics had a negative return on equity of 77.34% and a negative net margin of 4,099.82%. The company had revenue of $0.53 million during the quarter, compared to analyst estimates of $0.40 million. Research analysts predict that Lyra Therapeutics will post -1.18 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Vestal Point Capital LP purchased a new position in Lyra Therapeutics in the fourth quarter worth $15,720,000. Vanguard Group Inc. boosted its position in Lyra Therapeutics by 38.3% in the first quarter. Vanguard Group Inc. now owns 1,481,481 shares of the company’s stock worth $9,215,000 after purchasing an additional 410,021 shares during the last quarter. Parkman Healthcare Partners LLC boosted its position in 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 purchasing an additional 129,829 shares during the last quarter. Citigroup Inc. purchased a new position in Lyra Therapeutics in the third quarter worth $265,000. Finally, Prescott Group Capital Management L.L.C. purchased a new position in Lyra Therapeutics in the third quarter worth $117,000. Hedge funds and other institutional investors 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.