Lyra Therapeutics, Inc. (NASDAQ:LYRA) Short Interest Down 24.9% in October

Lyra Therapeutics, Inc. (NASDAQ:LYRA) was the recipient of a significant decline in short interest in October. As of October 15th, there was short interest totalling 2,140,000 shares, a decline of 24.9% from the September 30th total of 2,850,000 shares. Based on an average daily volume of 993,700 shares, the short-interest ratio is presently 2.2 days.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the stock. William Blair upgraded shares of Lyra Therapeutics to a “hold” rating in a report on Friday, August 30th. Cantor Fitzgerald reissued an “overweight” rating on shares of Lyra Therapeutics in a research note on Thursday, August 15th. Finally, HC Wainwright restated a “neutral” rating and set a $2.00 price target on shares of Lyra Therapeutics in a report on Thursday, August 15th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $4.50.

Lyra Therapeutics Trading Up 4.7 %

Shares of LYRA stock traded up $0.01 on Tuesday, reaching $0.27. 1,617,962 shares of the stock were exchanged, compared to its average volume of 1,636,061. The company has a market capitalization of $17.35 million, a price-to-earnings ratio of -0.17 and a beta of -0.02. The business’s 50 day moving average price is $0.27 and its 200 day moving average price is $0.80. Lyra Therapeutics has a twelve month low of $0.21 and a twelve month high of $6.79.

Lyra Therapeutics (NASDAQ:LYRA) last released its quarterly earnings data on Wednesday, August 14th. The company reported ($0.29) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.34) by $0.05. Lyra Therapeutics had a negative return on equity of 102.22% and a negative net margin of 5,570.88%. The business had revenue of $0.60 million during the quarter, compared to analysts’ expectations of $0.43 million. Equities research analysts forecast that Lyra Therapeutics will post -1.15 earnings per share for the current year.

Institutional Trading of Lyra Therapeutics

An institutional investor recently raised its position in Lyra Therapeutics stock. Vanguard Group Inc. increased its stake in shares of Lyra Therapeutics, Inc. (NASDAQ:LYRA) by 38.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,481,481 shares of the company’s stock after acquiring an additional 410,021 shares during the quarter. Vanguard Group Inc. owned about 2.43% of Lyra Therapeutics worth $9,215,000 at the end of the most recent quarter. 95.62% of the stock is owned by institutional investors and hedge funds.

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.