Shares of Lyra Therapeutics, Inc. (NASDAQ:LYRA – Get Free Report) traded down 15% during mid-day trading on Wednesday . The company traded as low as $0.51 and last traded at $0.51. Approximately 15,603 shares traded hands during trading, a decline of 72% from the average daily volume of 56,719 shares. The stock had previously closed at $0.60.
Lyra Therapeutics Stock Down 0.1%
The company has a market cap of $957,435.00, a P/E ratio of -0.02 and a beta of 0.68. The company has a 50 day moving average price of $0.68 and a 200-day moving average price of $1.25.
Institutional Trading of Lyra Therapeutics
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of America Corp DE boosted its holdings in shares of Lyra Therapeutics by 33.7% in the second quarter. Bank of America Corp DE now owns 28,542 shares of the company’s stock valued at $256,000 after acquiring an additional 7,190 shares in the last quarter. Citadel Advisors LLC bought a new stake in Lyra Therapeutics during the third quarter worth approximately $128,000. DRW Securities LLC bought a new stake in Lyra Therapeutics during the fourth quarter worth approximately $52,000. Artia Global Partners LP acquired a new stake in Lyra Therapeutics in the fourth quarter worth approximately $27,000. Finally, Sabby Management LLC lifted its position in Lyra Therapeutics by 37.2% in the fourth quarter. Sabby Management LLC now owns 175,158 shares of the company’s stock worth $539,000 after purchasing an additional 47,534 shares during the period. 95.62% of the stock is currently owned by institutional investors.
Lyra Therapeutics Company Profile
Lyra Therapeutics is a clinical-stage biopharmaceutical company dedicated to developing targeted drug delivery therapies for diseases of the ear, nose and throat (ENT). Leveraging its proprietary Therapeutic Drug Delivery (TDD) platform, the company designs bioresorbable, steroid-eluting implants that provide sustained, localized release of medication directly to affected tissue. This approach aims to improve patient outcomes by reducing the need for repeated administration and minimizing systemic side effects.
The company’s lead product candidate, LYR-210, is an implantable matrix that delivers the corticosteroid mometasone furoate over several months to treat chronic rhinosinusitis (CRS).
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