Lyra Therapeutics (NASDAQ:LYRA) Downgraded by William Blair to “Market Perform”

William Blair lowered shares of Lyra Therapeutics (NASDAQ:LYRA) from an outperform rating to a market perform rating in a research note released on Monday morning, MarketBeat reports. William Blair also issued estimates for Lyra Therapeutics’ Q2 2024 earnings at ($0.33) EPS, Q3 2024 earnings at ($0.31) EPS, Q4 2024 earnings at ($0.29) EPS, FY2024 earnings at ($1.27) EPS, Q1 2025 earnings at ($0.31) EPS, Q2 2025 earnings at ($0.30) EPS, Q3 2025 earnings at ($0.32) EPS, Q4 2025 earnings at ($0.29) EPS and FY2025 earnings at ($1.22) EPS.

A number of other equities research analysts have also issued reports on the company. HC Wainwright reiterated a buy rating and issued a $12.00 price target on shares of Lyra Therapeutics in a research note on Wednesday, May 1st. Bank of America lowered their price objective on shares of Lyra Therapeutics from $12.00 to $11.00 and set a buy rating for the company in a research report on Monday, March 25th. Finally, Cantor Fitzgerald restated an overweight rating on shares of Lyra Therapeutics in a report on Friday, January 12th. One investment 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. Based on data from MarketBeat, the company has a consensus rating of Hold and an average price target of $7.13.

Lyra Therapeutics Stock Performance

LYRA opened at $0.39 on Monday. Lyra Therapeutics has a 12-month low of $0.36 and a 12-month high of $6.79. The company’s 50 day moving average is $5.13 and its 200 day moving average is $4.58. The company has a market cap of $23.56 million, a price-to-earnings ratio of -0.32 and a beta of 0.31.

Lyra Therapeutics (NASDAQ:LYRA) last announced its earnings results on Tuesday, April 30th. The company reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $0.40 million. As a group, analysts predict that Lyra Therapeutics will post -1.28 EPS for the current fiscal year.

Institutional Trading of Lyra Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of LYRA. Heritage Wealth Management Inc. Texas acquired a new stake in shares of Lyra Therapeutics during the 4th quarter valued at about $52,000. Bank of New York Mellon Corp acquired a new position in Lyra Therapeutics during the third quarter worth $73,000. Jump Financial LLC purchased a new stake in shares of Lyra Therapeutics during the fourth quarter worth about $88,000. Prescott Group Capital Management L.L.C. acquired a new stake in Lyra Therapeutics during the 3rd quarter worth $117,000. Finally, Citigroup Inc. purchased a new stake in shares of Lyra Therapeutics during the third quarter worth $265,000. 95.62% of the stock is owned by institutional investors and hedge funds.

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.