Short Interest in Lyra Therapeutics, Inc. (NASDAQ:LYRA) Increases By 27.7%

Lyra Therapeutics, Inc. (NASDAQ:LYRA) saw a large growth in short interest during the month of March. As of March 15th, there was short interest totalling 2,400,000 shares, a growth of 27.7% from the February 28th total of 1,880,000 shares. Approximately 3.8% of the company’s shares are sold short. Based on an average daily volume of 1,200,000 shares, the days-to-cover ratio is currently 2.0 days.

Lyra Therapeutics Stock Performance

Shares of Lyra Therapeutics stock traded down $0.00 during trading hours on Wednesday, reaching $0.12. 1,968,540 shares of the company were exchanged, compared to its average volume of 1,897,969. Lyra Therapeutics has a 1 year low of $0.10 and a 1 year high of $5.83. The firm has a market cap of $7.68 million, a PE ratio of -0.08 and a beta of -0.18. The stock’s fifty day moving average is $0.18 and its 200 day moving average is $0.21.

Lyra Therapeutics (NASDAQ:LYRA) last announced its quarterly earnings results on Thursday, March 13th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.12) by ($0.04). The business had revenue of $0.21 million for the quarter, compared to analysts’ expectations of $0.21 million. Lyra Therapeutics had a negative return on equity of 125.07% and a negative net margin of 6,635.76%. During the same period last year, the firm earned ($1.26) earnings per share. Research analysts expect that Lyra Therapeutics will post -0.93 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, HC Wainwright reissued a “neutral” rating and set a $2.00 price objective on shares of Lyra Therapeutics in a research report on Friday, March 14th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, Lyra Therapeutics presently has a consensus rating of “Hold” and an average target price of $1.25.

Institutional Investors Weigh In On Lyra Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. grew its holdings in shares of Lyra Therapeutics by 161.8% during the fourth quarter. JPMorgan Chase & Co. now owns 156,442 shares of the company’s stock worth $32,000 after purchasing an additional 96,681 shares during the last quarter. Northern Trust Corp raised its position in Lyra Therapeutics by 56.2% in the 4th quarter. Northern Trust Corp now owns 286,310 shares of the company’s stock valued at $59,000 after purchasing an additional 103,026 shares during the last quarter. Geode Capital Management LLC boosted its stake in Lyra Therapeutics by 15.3% during the 4th quarter. Geode Capital Management LLC now owns 885,966 shares of the company’s stock worth $183,000 after purchasing an additional 117,578 shares during the period. State Street Corp increased its stake in Lyra Therapeutics by 88.1% in the third 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. Finally, BNP Paribas Financial Markets purchased a new stake in shares of Lyra Therapeutics in the fourth quarter valued at about $51,000. 95.62% of the stock is owned by hedge funds and other institutional investors.

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.