Lyra Therapeutics (NASDAQ:LYRA) Issues Earnings Results

Lyra Therapeutics (NASDAQ:LYRA) issued its quarterly earnings results on Wednesday. The company reported ($3.38) earnings per share (EPS) for the quarter, beating the consensus estimate of ($5.98) by $2.60, Zacks reports. The firm had revenue of $0.03 million for the quarter, compared to analyst estimates of $0.21 million. Lyra Therapeutics had a negative return on equity of 566.15% and a negative net margin of 5,491.17%.

Lyra Therapeutics Trading Down 1.5%

Shares of Lyra Therapeutics stock opened at $3.82 on Friday. The stock has a fifty day simple moving average of $6.35 and a 200 day simple moving average of $7.81. The company has a market capitalization of $6.26 million, a P/E ratio of -0.16 and a beta of 0.10. Lyra Therapeutics has a 12-month low of $3.72 and a 12-month high of $37.50.

Insider Activity at Lyra Therapeutics

In other news, major shareholder Perceptive Advisors Llc sold 32,149 shares of the business’s stock in a transaction that occurred on Thursday, November 6th. The stock was sold at an average price of $5.18, for a total value of $166,531.82. Following the transaction, the insider owned 22,521 shares in the company, valued at $116,658.78. The trade was a 58.81% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last quarter, insiders have sold 116,265 shares of company stock worth $526,784. 3.25% of the stock is owned by company insiders.

Institutional Trading of Lyra Therapeutics

A hedge fund recently raised its stake in Lyra Therapeutics stock. Bank of America Corp DE lifted its stake in shares of Lyra Therapeutics, Inc. (NASDAQ:LYRA) by 33.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 28,542 shares of the company’s stock after purchasing an additional 7,190 shares during the period. Bank of America Corp DE owned 1.74% of Lyra Therapeutics worth $256,000 at the end of the most recent quarter. 95.62% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts recently issued reports on LYRA shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Lyra Therapeutics in a research report on Wednesday, October 8th. HC Wainwright reiterated a “neutral” rating on shares of Lyra Therapeutics in a report on Thursday, August 14th. One research analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Reduce” and a consensus price target of $100.00.

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.