Short Interest in Lyra Therapeutics, Inc. (NASDAQ:LYRA) Drops By 28.7%

Lyra Therapeutics, Inc. (NASDAQ:LYRA) was the target of a significant decline in short interest during the month of August. As of August 31st, there was short interest totalling 2,960,000 shares, a decline of 28.7% from the August 15th total of 4,150,000 shares. Based on an average daily volume of 1,310,000 shares, the days-to-cover ratio is presently 2.3 days.

Analysts Set New Price Targets

Several research firms have recently issued reports on LYRA. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Lyra Therapeutics in a report on Thursday, August 15th. HC Wainwright reissued a “neutral” rating and set a $2.00 target price on shares of Lyra Therapeutics in a research report on Thursday, August 15th. Finally, William Blair raised Lyra Therapeutics to a “hold” rating in a research report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $7.13.

Lyra Therapeutics Stock Up 7.7 %

LYRA traded up $0.02 on Friday, hitting $0.28. The company’s stock had a trading volume of 848,664 shares, compared to its average volume of 1,746,725. Lyra Therapeutics has a 12 month low of $0.25 and a 12 month high of $6.79. The firm has a market cap of $17.07 million, a P/E ratio of -0.23 and a beta of -0.01. The company’s 50 day simple moving average is $0.30 and its 200-day simple moving average is $2.06.

Lyra Therapeutics (NASDAQ:LYRA) last released its quarterly earnings data on Wednesday, August 14th. The company reported ($0.29) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.05. The company had revenue of $0.60 million for the quarter, compared to analyst estimates of $0.43 million. Lyra Therapeutics had a negative return on equity of 102.22% and a negative net margin of 5,570.88%. Equities analysts predict that Lyra Therapeutics will post -1.15 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Lyra Therapeutics

Hedge funds have recently bought and sold shares of the company. Jump Financial LLC bought a new position in shares of Lyra Therapeutics in the fourth quarter worth $88,000. Parkman Healthcare Partners LLC grew its holdings in shares of Lyra Therapeutics by 20.8% during the fourth quarter. Parkman Healthcare Partners LLC now owns 754,885 shares of the company’s stock worth $3,956,000 after purchasing an additional 129,829 shares in the last quarter. Acadian Asset Management LLC purchased a new position in Lyra Therapeutics in the 2nd quarter worth approximately $271,000. Vanguard Group Inc. grew its stake in Lyra Therapeutics by 38.3% in the 1st 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 in the last quarter. Finally, Vestal Point Capital LP bought a new position in shares of Lyra Therapeutics in the 4th quarter worth $15,720,000. 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.