Short Interest in Lyra Therapeutics, Inc. (NASDAQ:LYRA) Drops By 28.7%

Lyra Therapeutics, Inc. (NASDAQ:LYRA) saw a large decline in short interest in August. As of August 31st, there was short interest totalling 2,960,000 shares, a decline of 28.7% from the August 15th total of 4,150,000 shares. Based on an average daily volume of 1,310,000 shares, the short-interest ratio is presently 2.3 days.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of LYRA. Vestal Point Capital LP bought a new stake in shares of Lyra Therapeutics during the 4th quarter valued at about $15,720,000. Vanguard Group Inc. boosted its holdings in shares of Lyra Therapeutics by 38.3% in the first quarter. Vanguard Group Inc. now owns 1,481,481 shares of the company’s stock worth $9,215,000 after buying an additional 410,021 shares during the last quarter. Acadian Asset Management LLC bought a new stake in Lyra Therapeutics during the second quarter valued at approximately $271,000. Parkman Healthcare Partners LLC increased its holdings in Lyra Therapeutics by 20.8% during the fourth quarter. Parkman Healthcare Partners LLC now owns 754,885 shares of the company’s stock valued at $3,956,000 after buying an additional 129,829 shares during the last quarter. Finally, Jump Financial LLC bought a new position in Lyra Therapeutics in the fourth quarter worth approximately $88,000. Institutional investors own 95.62% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on LYRA shares. HC Wainwright reiterated a “neutral” rating and set a $2.00 price target on shares of Lyra Therapeutics in a report on Thursday, August 15th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Lyra Therapeutics in a research note on Thursday, August 15th. Finally, William Blair raised Lyra Therapeutics to a “hold” rating in a report on Friday, August 30th. One analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat, Lyra Therapeutics currently has a consensus rating of “Hold” and an average price target of $7.13.

Lyra Therapeutics Stock Performance

Shares of LYRA remained flat at $0.28 during mid-day trading on Monday. 284,150 shares of the stock traded hands, compared to its average volume of 1,738,865. The company has a market cap of $17.06 million, a PE ratio of -0.23 and a beta of -0.01. The business has a 50-day moving average price of $0.30 and a 200-day moving average price of $2.04. Lyra Therapeutics has a 1 year low of $0.25 and a 1 year high of $6.79.

Lyra Therapeutics (NASDAQ:LYRA) last announced its earnings results on Wednesday, August 14th. The company reported ($0.29) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.05. The business had revenue of $0.60 million during the quarter, compared to analyst estimates of $0.43 million. Lyra Therapeutics had a negative net margin of 5,570.88% and a negative return on equity of 102.22%. Equities analysts expect that Lyra Therapeutics will post -1.15 earnings per share for the current fiscal year.

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.