Lyra Therapeutics (NASDAQ:LYRA) Trading 4.5% Higher – Here’s Why

Lyra Therapeutics, Inc. (NASDAQ:LYRA)’s stock price traded up 4.5% during mid-day trading on Wednesday . The company traded as high as $4.32 and last traded at $4.19. 48,758 shares were traded during trading, a decline of 48% from the average session volume of 94,587 shares. The stock had previously closed at $4.01.

Wall Street Analysts Forecast Growth

Several research analysts have commented on LYRA shares. HC Wainwright reaffirmed a “neutral” rating on shares of Lyra Therapeutics in a research report on Thursday, August 14th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Lyra Therapeutics in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus target price of $100.00.

Lyra Therapeutics Trading Up 4.5%

The company has a market capitalization of $7.44 million, a price-to-earnings ratio of -0.18 and a beta of -0.02. The firm’s 50 day simple moving average is $5.53 and its 200-day simple moving average is $7.66.

Lyra Therapeutics (NASDAQ:LYRA) last issued its earnings results on Wednesday, November 12th. The company reported ($3.38) earnings per share for the quarter, beating the consensus estimate of ($5.98) by $2.60. Lyra Therapeutics had a negative net margin of 5,491.17% and a negative return on equity of 1,010.91%. The business had revenue of $0.03 million for the quarter, compared to the consensus estimate of $0.21 million. As a group, sell-side analysts forecast that Lyra Therapeutics, Inc. will post -0.93 EPS for the current fiscal year.

Insider Transactions at Lyra Therapeutics

In other Lyra Therapeutics news, major shareholder Perceptive Advisors Llc sold 32,149 shares of the business’s stock in a transaction on Thursday, November 6th. The shares were sold at an average price of $5.18, for a total transaction of $166,531.82. Following the sale, the insider directly owned 22,521 shares in the company, valued at approximately $116,658.78. The trade was a 58.81% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 116,265 shares of company stock valued at $526,784 in the last three months. Corporate insiders own 3.25% of the company’s stock.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Lyra Therapeutics stock. Citadel Advisors LLC purchased a new stake in Lyra Therapeutics, Inc. (NASDAQ:LYRA) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 19,484 shares of the company’s stock, valued at approximately $128,000. Citadel Advisors LLC owned approximately 1.10% of Lyra Therapeutics at the end of the most recent reporting period. Institutional investors own 95.62% of the company’s stock.

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.