Analysts Set Lyra Therapeutics, Inc. (NASDAQ:LYRA) Price Target at $4.50

Shares of Lyra Therapeutics, Inc. (NASDAQ:LYRA) have earned a consensus recommendation of “Hold” from the six brokerages that are presently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, four have given a hold recommendation and one has issued a buy recommendation on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $4.50.

Several brokerages have recently commented on LYRA. HC Wainwright reissued a “neutral” rating and set a $2.00 price objective on shares of Lyra Therapeutics in a report on Thursday, August 15th. William Blair raised shares of Lyra Therapeutics to a “hold” rating in a research note on Friday, August 30th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Lyra Therapeutics in a research note on Thursday, August 15th.

Lyra Therapeutics Stock Performance

Shares of NASDAQ LYRA opened at $0.19 on Friday. The business has a 50-day moving average of $0.24 and a 200-day moving average of $0.28. The firm has a market capitalization of $12.44 million, a price-to-earnings ratio of -0.13 and a beta of -0.04. Lyra Therapeutics has a 12 month low of $0.16 and a 12 month high of $6.79.

Institutional Trading of Lyra Therapeutics

A number of institutional investors have recently made changes to their positions in the stock. State Street Corp increased its holdings in 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. Acadian Asset Management LLC bought a new stake in shares of Lyra Therapeutics in the 2nd quarter worth approximately $271,000. Finally, Vanguard Group Inc. increased its stake in shares of Lyra Therapeutics by 38.3% during the first quarter. Vanguard Group Inc. now owns 1,481,481 shares of the company’s stock valued at $9,215,000 after buying an additional 410,021 shares during the period. Hedge funds and other institutional investors own 95.62% of the company’s stock.

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.