Lyra Therapeutics, Inc. (NASDAQ:LYRA) Given Average Rating of “Hold” by Brokerages

Lyra Therapeutics, Inc. (NASDAQ:LYRA) has received an average recommendation of “Hold” from the six analysts that are presently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and one has assigned a buy recommendation to the company. The average twelve-month price target among analysts that have covered the stock in the last year is $4.50.

LYRA has been the topic of several research reports. Cantor Fitzgerald reissued an “overweight” rating on shares of Lyra Therapeutics in a research report on Thursday, August 15th. HC Wainwright reissued a “neutral” rating and set a $2.00 price target on shares of Lyra Therapeutics in a report on Thursday, August 15th. Finally, William Blair raised Lyra Therapeutics to a “hold” rating in a research note on Friday, August 30th.

Lyra Therapeutics Trading Up 3.9 %

LYRA stock opened at $0.19 on Friday. The company has a market capitalization of $12.37 million, a P/E ratio of -0.13 and a beta of -0.04. The business has a 50 day simple moving average of $0.25 and a 200-day simple moving average of $0.29. Lyra Therapeutics has a twelve month low of $0.16 and a twelve month high of $6.79.

Institutional Trading of Lyra Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the company. State Street Corp lifted its position in Lyra Therapeutics by 88.1% in the third quarter. State Street Corp now owns 488,720 shares of the company’s stock valued at $126,000 after purchasing an additional 228,900 shares during the period. Acadian Asset Management LLC acquired a new position in Lyra Therapeutics during the 2nd quarter worth approximately $271,000. Finally, Vanguard Group Inc. raised its stake in shares of Lyra Therapeutics by 38.3% during 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. 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.