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

Lyra Therapeutics, Inc. (NASDAQ:LYRA) has been given a consensus recommendation of “Hold” by the six ratings firms that are currently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and one has issued a buy recommendation on the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $4.50.

A number of equities analysts have recently commented on the company. HC Wainwright reissued a “neutral” rating and set a $2.00 price objective on shares of Lyra Therapeutics in a research report on Thursday, August 15th. Cantor Fitzgerald reissued an “overweight” rating on shares of Lyra Therapeutics in a research report on Thursday, August 15th. Finally, William Blair upgraded shares of Lyra Therapeutics to a “hold” rating in a report on Friday, August 30th.

Hedge Funds Weigh In On Lyra Therapeutics

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position 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 during the last quarter. Acadian Asset Management LLC acquired a new stake in Lyra Therapeutics during the 2nd quarter worth $271,000. Finally, 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 acquiring an additional 228,900 shares during the last quarter. 95.62% of the stock is currently owned by hedge funds and other institutional investors.

Lyra Therapeutics Price Performance

LYRA opened at $0.19 on Friday. The business has a fifty day moving average price of $0.25 and a 200 day moving average price of $0.29. Lyra Therapeutics has a 12 month low of $0.16 and a 12 month high of $6.79. The stock has a market capitalization of $12.37 million, a price-to-earnings ratio of -0.13 and a beta of -0.04.

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.