Lyra Therapeutics (NASDAQ:LYRA) Shares Down 5% – Here’s What Happened

Lyra Therapeutics, Inc. (NASDAQ:LYRA) shares traded down 5% during trading on Wednesday . The stock traded as low as $0.4750 and last traded at $0.4750. Approximately 204 shares changed hands during trading, a decline of 100% from the average daily volume of 53,314 shares. The stock had previously closed at $0.50.

Lyra Therapeutics Price Performance

The stock has a 50-day moving average price of $0.61 and a two-hundred day moving average price of $0.94. The stock has a market cap of $843,125.00, a PE ratio of -0.02 and a beta of 0.68.

Institutional Trading of Lyra Therapeutics

Hedge funds have recently modified their holdings of the company. Sabby Management LLC boosted its position in shares of Lyra Therapeutics by 37.2% during the 4th quarter. Sabby Management LLC now owns 175,158 shares of the company’s stock valued at $539,000 after acquiring an additional 47,534 shares during the last quarter. Citadel Advisors LLC bought a new stake in Lyra Therapeutics in the third quarter worth $128,000. DRW Securities LLC purchased a new stake in Lyra Therapeutics during the fourth quarter valued at $52,000. Artia Global Partners LP purchased a new stake in Lyra Therapeutics during the fourth quarter valued at $27,000. Finally, Bank of America Corp DE lifted its position in Lyra Therapeutics by 33.7% during the second quarter. Bank of America Corp DE now owns 28,542 shares of the company’s stock valued at $256,000 after purchasing an additional 7,190 shares during the last quarter. 95.62% of the stock is owned by hedge funds and other institutional investors.

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).