Short Interest in Lyra Therapeutics, Inc. (NASDAQ:LYRA) Drops By 16.4%

Lyra Therapeutics, Inc. (NASDAQ:LYRA) was the target of a significant decrease in short interest during the month of December. As of December 15th, there was short interest totalling 1,840,000 shares, a decrease of 16.4% from the November 30th total of 2,200,000 shares. Based on an average daily volume of 1,680,000 shares, the days-to-cover ratio is currently 1.1 days.

Hedge Funds Weigh In On Lyra Therapeutics

An institutional investor recently raised its position in Lyra Therapeutics stock. State Street Corp lifted its stake in shares of Lyra Therapeutics, Inc. (NASDAQ:LYRA) by 88.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 488,720 shares of the company’s stock after acquiring an additional 228,900 shares during the period. State Street Corp owned 0.75% of Lyra Therapeutics worth $126,000 as of its most recent SEC filing. 95.62% of the stock is currently owned by institutional investors and hedge funds.

Lyra Therapeutics Stock Down 6.2 %

Shares of Lyra Therapeutics stock traded down $0.01 during trading on Tuesday, hitting $0.21. 3,273,353 shares of the company were exchanged, compared to its average volume of 1,717,801. Lyra Therapeutics has a fifty-two week low of $0.16 and a fifty-two week high of $6.79. The firm has a 50 day moving average price of $0.21 and a 200 day moving average price of $0.26. The stock has a market capitalization of $13.51 million, a price-to-earnings ratio of -0.14 and a beta of -0.12.

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.