Lycia Therapeutics (NASDAQ:LYCA) Stock Rating Raised to Hold at Wall Street Zen

Lycia Therapeutics (NASDAQ:LYCA) was upgraded by equities researchers at Wall Street Zen to a “hold” rating in a research note issued on Saturday, Wall Street Zen reports.

Lycia Therapeutics Trading Down 4.8%

Shares of LYCA stock opened at $26.40 on Friday. Lycia Therapeutics has a 1-year low of $22.19 and a 1-year high of $36.49.

Insiders Place Their Bets

In other Lycia Therapeutics news, major shareholder Venrock Healthcare Capital Par purchased 9,004 shares of the firm’s stock in a transaction on Friday, October 30th. The stock was bought at an average cost of $26.28 per share, with a total value of $236,625.12. Following the acquisition, the insider directly owned 6,850,237 shares of the company’s stock, valued at approximately $180,024,228.36. This represents a 0.13% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders acquired 2,070,444 shares of company stock valued at $38,302,522 in the last 90 days.

About Lycia Therapeutics

Lycia Therapeutics, Inc is a biotechnology company developing medicines designed to eliminate disease-causing proteins from cells. The company’s approach is based on lysosome-targeting chimeras, or LYTACs, which are engineered molecules intended to direct extracellular and cell-surface proteins to lysosomes for degradation.

Lycia’s technology is intended to address disease targets that may be difficult to inhibit with conventional drugs, including proteins located outside cells or embedded in cell membranes.