Lyra Therapeutics (NASDAQ:LYRA) Stock Price Up 2.8% – Time to Buy?

Shares of Lyra Therapeutics, Inc. (NASDAQ:LYRA) were up 2.8% during trading on Friday . The stock traded as high as $1.90 and last traded at $1.82. Approximately 21,460 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 143,263 shares. The stock had previously closed at $1.77.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Lyra Therapeutics in a research report on Thursday, January 22nd. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Reduce” and a consensus price target of $100.00.

Lyra Therapeutics Stock Up 2.8%

The business’s fifty day moving average price is $3.01 and its 200 day moving average price is $5.13. The firm has a market capitalization of $3.22 million and a PE ratio of -0.08.

Lyra Therapeutics (NASDAQ:LYRA) last announced its quarterly earnings data on Wednesday, November 12th. The company reported ($3.38) earnings per share (EPS) for the quarter, beating the consensus estimate of ($5.98) by $2.60. The business had revenue of $0.03 million for the quarter, compared to the consensus estimate of $0.21 million. Lyra Therapeutics had a negative net margin of 5,491.17% and a negative return on equity of 1,010.91%. As a group, sell-side analysts forecast that Lyra Therapeutics, Inc. will post -0.93 earnings per share for the current fiscal year.

Insider Activity

In other news, major shareholder Perceptive Advisors Llc sold 31,810 shares of the firm’s stock in a transaction on Thursday, November 13th. The stock was sold at an average price of $3.90, for a total transaction of $124,059.00. Following the sale, the insider owned 14,026 shares in the company, valued at $54,701.40. This trade represents a 69.40% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders sold a total of 66,848 shares of company stock worth $274,795 in the last 90 days. 3.25% of the stock is owned by company insiders.

Hedge Funds Weigh In On Lyra Therapeutics

An institutional investor recently raised its position in Lyra Therapeutics stock. Bank of America Corp DE lifted its position in shares of Lyra Therapeutics, Inc. (NASDAQ:LYRA) by 33.7% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 28,542 shares of the company’s stock after buying an additional 7,190 shares during the period. Bank of America Corp DE owned approximately 1.74% of Lyra Therapeutics worth $256,000 as of its most recent SEC filing. 95.62% of the stock is currently owned by institutional investors and hedge funds.

Lyra Therapeutics Company Profile

Lyra Therapeutics is a clinical-stage biopharmaceutical company dedicated to developing targeted drug delivery therapies for diseases of the ear, nose and throat (ENT). Leveraging its proprietary Therapeutic Drug Delivery (TDD) platform, the company designs bioresorbable, steroid-eluting implants that provide sustained, localized release of medication directly to affected tissue. This approach aims to improve patient outcomes by reducing the need for repeated administration and minimizing systemic side effects.

The company’s lead product candidate, LYR-210, is an implantable matrix that delivers the corticosteroid mometasone furoate over several months to treat chronic rhinosinusitis (CRS).