Lyra Therapeutics (NASDAQ:LYRA) Lowered to Market Perform at William Blair

William Blair cut shares of Lyra Therapeutics (NASDAQ:LYRA) from an outperform rating to a market perform rating in a research report sent to investors on Monday morning, Marketbeat.com reports. William Blair also issued estimates for Lyra Therapeutics’ Q2 2024 earnings at ($0.33) EPS, Q3 2024 earnings at ($0.31) EPS, Q4 2024 earnings at ($0.29) EPS, FY2024 earnings at ($1.27) EPS, Q1 2025 earnings at ($0.31) EPS, Q2 2025 earnings at ($0.30) EPS, Q3 2025 earnings at ($0.32) EPS, Q4 2025 earnings at ($0.29) EPS and FY2025 earnings at ($1.22) EPS.

A number of other research analysts have also issued reports on LYRA. Cantor Fitzgerald reissued an overweight rating on shares of Lyra Therapeutics in a report on Friday, January 12th. HC Wainwright restated a buy rating and issued a $12.00 price target on shares of Lyra Therapeutics in a research report on Wednesday, May 1st. Finally, Bank of America cut their price objective on Lyra Therapeutics from $12.00 to $11.00 and set a buy rating for the company in a research report on Monday, March 25th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat, Lyra Therapeutics has a consensus rating of Hold and a consensus price target of $7.13.

Lyra Therapeutics Price Performance

Shares of Lyra Therapeutics stock opened at $0.39 on Monday. Lyra Therapeutics has a 52 week low of $0.36 and a 52 week high of $6.79. The firm’s 50 day moving average is $5.13 and its two-hundred day moving average is $4.58. The firm has a market capitalization of $23.56 million, a P/E ratio of -0.32 and a beta of 0.31.

Lyra Therapeutics (NASDAQ:LYRA) last posted its earnings results on Tuesday, April 30th. The company reported ($0.35) EPS for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.09). Lyra Therapeutics had a negative net margin of 4,099.82% and a negative return on equity of 77.34%. The company had revenue of $0.53 million during the quarter, compared to analysts’ expectations of $0.40 million. As a group, research analysts expect that Lyra Therapeutics will post -1.28 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in LYRA. Bank of New York Mellon Corp acquired a new stake in Lyra Therapeutics in the third quarter worth $73,000. Citigroup Inc. acquired a new stake in Lyra Therapeutics in the 3rd quarter valued at about $265,000. Prescott Group Capital Management L.L.C. acquired a new position in Lyra Therapeutics in the third quarter worth approximately $117,000. Heritage Wealth Management Inc. Texas acquired a new stake in shares of Lyra Therapeutics during the fourth quarter worth $52,000. Finally, Parkman Healthcare Partners LLC raised its holdings in Lyra Therapeutics by 20.8% during the 4th quarter. Parkman Healthcare Partners LLC now owns 754,885 shares of the company’s stock worth $3,956,000 after buying an additional 129,829 shares during the period. 95.62% of the stock is owned by hedge funds and other institutional investors.

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.