HC Wainwright Has Bullish Forecast for LYRA FY2024 Earnings

Lyra Therapeutics, Inc. (NASDAQ:LYRA) – Equities research analysts at HC Wainwright upped their FY2024 earnings per share estimates for Lyra Therapeutics in a report issued on Thursday, November 14th. HC Wainwright analyst M. Caufield now forecasts that the company will earn ($0.94) per share for the year, up from their prior estimate of ($1.10). HC Wainwright has a “Neutral” rating and a $2.00 price target on the stock. The consensus estimate for Lyra Therapeutics’ current full-year earnings is ($1.05) per share. HC Wainwright also issued estimates for Lyra Therapeutics’ Q4 2024 earnings at ($0.13) EPS, FY2025 earnings at ($0.86) EPS, FY2026 earnings at ($0.83) EPS, FY2027 earnings at ($0.59) EPS and FY2028 earnings at ($0.22) EPS.

LYRA has been the subject of several other reports. Cantor Fitzgerald restated an “overweight” rating on shares of Lyra Therapeutics in a report on Thursday, August 15th. William Blair upgraded Lyra Therapeutics to a “hold” rating in a report on Friday, August 30th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, Lyra Therapeutics currently has an average rating of “Hold” and an average price target of $4.50.

Lyra Therapeutics Price Performance

Shares of Lyra Therapeutics stock opened at $0.20 on Monday. Lyra Therapeutics has a 1 year low of $0.16 and a 1 year high of $6.79. The business has a 50-day moving average of $0.25 and a two-hundred day moving average of $0.29. The company has a market capitalization of $12.81 million, a P/E ratio of -0.13 and a beta of -0.04.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Lyra Therapeutics by 38.3% during the first quarter. Vanguard Group Inc. now owns 1,481,481 shares of the company’s stock worth $9,215,000 after buying an additional 410,021 shares during the period. Acadian Asset Management LLC acquired a new position in shares of Lyra Therapeutics during the second quarter worth about $271,000. Finally, State Street Corp boosted its position in shares of 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 buying an additional 228,900 shares during the period. 95.62% of the stock is owned by institutional investors and hedge funds.

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.