Lyra Therapeutics, Inc. (NASDAQ:LYRA) Forecasted to Earn Q2 2024 Earnings of ($0.33) Per Share

Lyra Therapeutics, Inc. (NASDAQ:LYRA) – Analysts at William Blair lowered their Q2 2024 earnings estimates for Lyra Therapeutics in a note issued to investors on Wednesday, May 1st. William Blair analyst T. Lugo now forecasts that the company will earn ($0.33) per share for the quarter, down from their prior forecast of ($0.26). The consensus estimate for Lyra Therapeutics’ current full-year earnings is ($1.04) per share. William Blair also issued estimates for Lyra Therapeutics’ Q3 2024 earnings at ($0.31) EPS, Q4 2024 earnings at ($0.29) EPS, FY2024 earnings at ($1.27) EPS, Q1 2025 earnings at ($0.31) EPS, Q2 2025 earnings at ($0.30) EPS, Q3 2025 earnings at ($0.32) EPS, Q4 2025 earnings at ($0.29) EPS and FY2025 earnings at ($1.22) EPS.

Several other analysts have also commented on the stock. Bank of America decreased their price target on shares of Lyra Therapeutics from $12.00 to $11.00 and set a “buy” rating for the company in a research report on Monday, March 25th. Cantor Fitzgerald reissued an “overweight” rating on shares of Lyra Therapeutics in a research report on Friday, January 12th. Finally, HC Wainwright reissued a “buy” rating and set a $12.00 price target on shares of Lyra Therapeutics in a research report on Wednesday.

Lyra Therapeutics Stock Performance

LYRA stock opened at $4.03 on Friday. The firm has a market cap of $245.71 million, a price-to-earnings ratio of -3.52 and a beta of 0.31. The firm has a 50-day simple moving average of $5.55 and a two-hundred day simple moving average of $4.67. Lyra Therapeutics has a one year low of $2.36 and a one year high of $6.79.

Lyra Therapeutics (NASDAQ:LYRA) last released its quarterly earnings data on Tuesday, April 30th. The company reported ($0.35) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.09). Lyra Therapeutics had a negative return on equity of 77.34% and a negative net margin of 4,099.82%. The business had revenue of $0.53 million during the quarter, compared to analysts’ expectations of $0.40 million.

Hedge Funds Weigh In On Lyra Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp purchased a new position in shares of Lyra Therapeutics in the 3rd quarter valued at approximately $73,000. Citigroup Inc. purchased a new position in shares of Lyra Therapeutics in the 3rd quarter valued at approximately $265,000. Prescott Group Capital Management L.L.C. purchased a new position in shares of Lyra Therapeutics in the 3rd quarter valued at approximately $117,000. Heritage Wealth Management Inc. Texas purchased a new position in shares of Lyra Therapeutics in the 4th quarter valued at approximately $52,000. Finally, Parkman Healthcare Partners LLC raised its position in shares of Lyra Therapeutics by 20.8% in the 4th quarter. Parkman Healthcare Partners LLC now owns 754,885 shares of the company’s stock valued at $3,956,000 after purchasing an additional 129,829 shares during the last quarter. 95.62% of the stock is owned by hedge funds and other institutional investors.

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.