Short Interest in Lyra Therapeutics, Inc. (NASDAQ:LYRA) Drops By 13.4%

Lyra Therapeutics, Inc. (NASDAQ:LYRA) was the recipient of a significant decline in short interest in the month of February. As of February 28th, there was short interest totalling 1,880,000 shares, a decline of 13.4% from the February 13th total of 2,170,000 shares. Currently, 3.0% of the company’s shares are sold short. Based on an average trading volume of 1,270,000 shares, the days-to-cover ratio is presently 1.5 days.

Lyra Therapeutics Stock Performance

Shares of Lyra Therapeutics stock traded down $0.00 during midday trading on Wednesday, hitting $0.16. The company had a trading volume of 765,289 shares, compared to its average volume of 1,881,091. Lyra Therapeutics has a 52-week low of $0.14 and a 52-week high of $6.79. The company has a 50 day moving average of $0.19 and a 200 day moving average of $0.22. The stock has a market capitalization of $10.41 million, a P/E ratio of -0.11 and a beta of -0.18.

Lyra Therapeutics (NASDAQ:LYRA) last posted its earnings results on Thursday, March 13th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.04). Lyra Therapeutics had a negative net margin of 6,635.76% and a negative return on equity of 125.07%. The company had revenue of $0.21 million for the quarter, compared to the consensus estimate of $0.21 million. During the same quarter in the prior year, the company posted ($1.26) EPS. Equities research analysts forecast that Lyra Therapeutics will post -0.93 EPS for the current year.

Hedge Funds Weigh In On Lyra Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the company. Geode Capital Management LLC grew its holdings in shares of Lyra Therapeutics by 15.3% in the fourth quarter. Geode Capital Management LLC now owns 885,966 shares of the company’s stock worth $183,000 after acquiring an additional 117,578 shares during the period. ADAR1 Capital Management LLC purchased a new position in Lyra Therapeutics in the fourth quarter worth about $110,000. State Street Corp grew its stake in shares of Lyra Therapeutics by 88.1% during the 3rd 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. Northern Trust Corp increased its position in shares of Lyra Therapeutics by 56.2% during the 4th quarter. Northern Trust Corp now owns 286,310 shares of the company’s stock valued at $59,000 after purchasing an additional 103,026 shares during the last quarter. Finally, BNP Paribas Financial Markets bought a new position in shares of Lyra Therapeutics in the 4th quarter worth approximately $51,000. 95.62% of the stock is owned by institutional investors.

Analyst Ratings Changes

Separately, HC Wainwright reaffirmed a “neutral” rating and set a $2.00 price target on shares of Lyra Therapeutics in a research report on Friday, March 14th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, Lyra Therapeutics presently has a consensus rating of “Hold” and an average price target of $4.50.

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.