Lyra Therapeutics, Inc. (NASDAQ:LYRA) Short Interest Down 24.9% in October

Lyra Therapeutics, Inc. (NASDAQ:LYRA) was the recipient of a large decrease in short interest during the month of October. As of October 15th, there was short interest totalling 2,140,000 shares, a decrease of 24.9% from the September 30th total of 2,850,000 shares. Based on an average daily volume of 993,700 shares, the days-to-cover ratio is currently 2.2 days.

Institutional Investors Weigh In On Lyra Therapeutics

An institutional investor recently raised its position in Lyra Therapeutics stock. Vanguard Group Inc. grew its position in Lyra Therapeutics, Inc. (NASDAQ:LYRA) by 38.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,481,481 shares of the company’s stock after buying an additional 410,021 shares during the quarter. Vanguard Group Inc. owned 2.43% of Lyra Therapeutics worth $9,215,000 at the end of the most recent quarter. 95.62% of the stock is currently owned by institutional investors and hedge funds.

Lyra Therapeutics Trading Up 4.7 %

Shares of NASDAQ:LYRA traded up $0.01 during midday trading on Tuesday, hitting $0.27. The stock had a trading volume of 1,617,962 shares, compared to its average volume of 1,636,061. The company has a market capitalization of $17.35 million, a PE ratio of -0.17 and a beta of -0.02. Lyra Therapeutics has a 1 year low of $0.21 and a 1 year high of $6.79. The stock has a 50 day moving average price of $0.27 and a two-hundred day moving average price of $0.80.

Lyra Therapeutics (NASDAQ:LYRA) last posted its quarterly earnings results on Wednesday, August 14th. The company reported ($0.29) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.05. Lyra Therapeutics had a negative net margin of 5,570.88% and a negative return on equity of 102.22%. The business had revenue of $0.60 million for the quarter, compared to analysts’ expectations of $0.43 million. As a group, equities analysts expect that Lyra Therapeutics will post -1.15 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have commented on LYRA. William Blair upgraded shares of Lyra Therapeutics to a “hold” rating in a research note on Friday, August 30th. HC Wainwright restated a “neutral” rating and issued a $2.00 price target on shares of Lyra Therapeutics in a research report on Thursday, August 15th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Lyra Therapeutics in a research report on Thursday, August 15th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $4.50.

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.