Lyra Therapeutics (NASDAQ:LYRA) Shares Up 6.2% – Here’s Why

Lyra Therapeutics, Inc. (NASDAQ:LYRA) rose 6.2% on Tuesday . The stock traded as high as $0.69 and last traded at $0.69. Approximately 1,377 shares were traded during trading, a decline of 98% from the average daily volume of 59,737 shares. The stock had previously closed at $0.65.

Lyra Therapeutics Trading Up 6.2%

The stock has a market capitalization of $1.22 million, a PE ratio of -0.03 and a beta of 0.70. The firm’s 50-day simple moving average is $0.70 and its two-hundred day simple moving average is $1.64.

Hedge Funds Weigh In On Lyra Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in LYRA. Sabby Management LLC grew its position in Lyra Therapeutics by 37.2% during the 4th quarter. Sabby Management LLC now owns 175,158 shares of the company’s stock worth $539,000 after purchasing an additional 47,534 shares in the last quarter. Citadel Advisors LLC purchased a new position in Lyra Therapeutics during the 3rd quarter worth approximately $128,000. DRW Securities LLC purchased a new position in Lyra Therapeutics during the 4th quarter worth approximately $52,000. Artia Global Partners LP purchased a new position in Lyra Therapeutics during the 4th quarter worth approximately $27,000. Finally, Bank of America Corp DE grew its position in Lyra Therapeutics by 33.7% during the 2nd quarter. Bank of America Corp DE now owns 28,542 shares of the company’s stock worth $256,000 after purchasing an additional 7,190 shares in the last quarter. 95.62% of the stock is currently owned by hedge funds and other institutional investors.

About Lyra Therapeutics

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).