Lyra Therapeutics, Inc. (NASDAQ:LYRA) Receives $4.50 Consensus Price Target from Analysts

Lyra Therapeutics, Inc. (NASDAQ:LYRA) has been given a consensus recommendation of “Hold” by the six brokerages that are currently covering the firm, Marketbeat.com reports. One equities research 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 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $4.50.

Several equities research analysts have issued reports on LYRA shares. HC Wainwright reiterated a “neutral” rating and set a $2.00 price objective on shares of Lyra Therapeutics in a research note on Thursday, August 15th. William Blair raised shares of Lyra Therapeutics to a “hold” rating in a research report on Friday, August 30th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Lyra Therapeutics in a research report on Thursday, August 15th.

Lyra Therapeutics Price Performance

NASDAQ LYRA opened at $0.19 on Friday. Lyra Therapeutics has a 1-year low of $0.16 and a 1-year high of $6.79. The firm has a market capitalization of $12.44 million, a P/E ratio of -0.13 and a beta of -0.04. The business’s 50-day simple moving average is $0.24 and its 200-day simple moving average is $0.28.

Institutional Investors Weigh In On Lyra Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp increased its holdings in Lyra Therapeutics by 88.1% during the 3rd 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 last quarter. Acadian Asset Management LLC acquired a new stake in shares of Lyra Therapeutics during the second quarter worth approximately $271,000. Finally, Vanguard Group Inc. increased its stake in shares of 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 buying an additional 410,021 shares during the last quarter. Hedge funds and other institutional investors own 95.62% of the company’s stock.

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.