Lyra Therapeutics, Inc. (NASDAQ:LYRA) Short Interest Up 27.7% in March

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

Lyra Therapeutics Stock Performance

NASDAQ LYRA traded down $0.00 during trading hours on Wednesday, reaching $0.12. The stock had a trading volume of 1,968,540 shares, compared to its average volume of 1,897,969. The stock has a fifty day moving average of $0.18 and a 200 day moving average of $0.21. Lyra Therapeutics has a 52-week low of $0.10 and a 52-week high of $5.83. The stock has a market cap of $7.68 million, a P/E ratio of -0.08 and a beta of -0.18.

Lyra Therapeutics (NASDAQ:LYRA) last issued its earnings results on Thursday, March 13th. The company reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.04). The company had revenue of $0.21 million during the quarter, compared to analysts’ expectations of $0.21 million. Lyra Therapeutics had a negative return on equity of 125.07% and a negative net margin of 6,635.76%. During the same quarter in the previous year, the company earned ($1.26) EPS. On average, equities research analysts forecast that Lyra Therapeutics will post -0.93 EPS for the current year.

Analyst Ratings Changes

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. State Street Corp grew its position in shares of Lyra Therapeutics by 88.1% during the 3rd quarter. State Street Corp now owns 488,720 shares of the company’s stock valued at $126,000 after acquiring an additional 228,900 shares during the period. Northern Trust Corp increased its holdings in Lyra Therapeutics by 56.2% in the 4th quarter. Northern Trust Corp now owns 286,310 shares of the company’s stock worth $59,000 after acquiring an additional 103,026 shares in the last quarter. BNP Paribas Financial Markets acquired a new position in Lyra Therapeutics during the fourth quarter worth $51,000. JPMorgan Chase & Co. grew its position in shares of Lyra Therapeutics by 161.8% in the fourth quarter. JPMorgan Chase & Co. now owns 156,442 shares of the company’s stock valued at $32,000 after purchasing an additional 96,681 shares during the period. Finally, Geode Capital Management LLC raised its position in shares of Lyra Therapeutics by 15.3% during the 4th quarter. Geode Capital Management LLC now owns 885,966 shares of the company’s stock worth $183,000 after purchasing an additional 117,578 shares during the last quarter. Hedge funds and other institutional investors own 95.62% of the company’s stock.

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.