Lyra Therapeutics, Inc. (NASDAQ:LYRA) Sees Large Growth in Short Interest

Lyra Therapeutics, Inc. (NASDAQ:LYRA) was the target of a large growth in short interest during the month of March. As of March 15th, there was short interest totalling 2,400,000 shares, a growth of 27.7% from the February 28th total of 1,880,000 shares. Based on an average daily volume of 1,200,000 shares, the short-interest ratio is currently 2.0 days. Currently, 3.8% of the shares of the company are short sold.

Analysts Set New Price Targets

Separately, HC Wainwright restated a “neutral” rating and set a $2.00 price target on shares of Lyra Therapeutics in a research note on Friday, March 14th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, Lyra Therapeutics has an average rating of “Hold” and a consensus target price of $1.25.

Institutional Investors Weigh In On Lyra Therapeutics

Large investors have recently modified their holdings of the stock. JPMorgan Chase & Co. increased its stake in Lyra Therapeutics by 161.8% in the 4th quarter. JPMorgan Chase & Co. now owns 156,442 shares of the company’s stock valued at $32,000 after buying an additional 96,681 shares during the period. BNP Paribas Financial Markets purchased a new stake in shares of Lyra Therapeutics in the fourth quarter valued at about $51,000. Northern Trust Corp increased its stake in shares of Lyra Therapeutics by 56.2% during the fourth quarter. Northern Trust Corp now owns 286,310 shares of the company’s stock worth $59,000 after acquiring an additional 103,026 shares during the period. ADAR1 Capital Management LLC purchased a new position in Lyra Therapeutics during the fourth quarter worth about $110,000. Finally, State Street Corp lifted its position in Lyra Therapeutics by 88.1% in the third quarter. State Street Corp now owns 488,720 shares of the company’s stock valued at $126,000 after purchasing an additional 228,900 shares during the period. Hedge funds and other institutional investors own 95.62% of the company’s stock.

Lyra Therapeutics Stock Performance

NASDAQ LYRA opened at $0.12 on Thursday. The firm’s fifty day moving average is $0.18 and its two-hundred day moving average is $0.21. Lyra Therapeutics has a one year low of $0.11 and a one year high of $5.83. The firm has a market cap of $7.68 million, a PE ratio of -0.08 and a beta of -0.18.

Lyra Therapeutics (NASDAQ:LYRA) last issued its quarterly earnings results on Thursday, March 13th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.04). Lyra Therapeutics had a negative net margin of 6,635.76% and a negative return on equity of 125.07%. The company had revenue of $0.21 million during the quarter, compared to analyst estimates of $0.21 million. During the same quarter last year, the firm earned ($1.26) EPS. Research analysts predict that Lyra Therapeutics will post -0.93 earnings per share for the current year.

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.