Lyra Therapeutics, Inc. (NASDAQ:LYRA) Short Interest Up 27.7% in March

Lyra Therapeutics, Inc. (NASDAQ:LYRA) was the recipient of a large growth in short interest in 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. Currently, 3.8% of the shares of the company are sold short. Based on an average trading volume of 1,200,000 shares, the days-to-cover ratio is currently 2.0 days.

Wall Street Analysts Forecast Growth

Separately, HC Wainwright restated a “neutral” rating and issued a $2.00 target price on shares of Lyra Therapeutics in a research note on Friday, March 14th. One equities research 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, the company presently has a consensus rating of “Hold” and an average target price of $1.25.

Hedge Funds Weigh In On Lyra Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the business. ADAR1 Capital Management LLC bought a new stake in shares of Lyra Therapeutics in the 4th quarter valued at about $110,000. BNP Paribas Financial Markets bought a new stake in Lyra Therapeutics in the fourth quarter valued at approximately $51,000. State Street Corp raised its holdings in Lyra Therapeutics by 88.1% in the third quarter. State Street Corp now owns 488,720 shares of the company’s stock worth $126,000 after purchasing an additional 228,900 shares during the period. Geode Capital Management LLC boosted its position in shares of Lyra Therapeutics by 15.3% during the fourth 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 in the last quarter. Finally, Northern Trust Corp boosted its position in shares of Lyra Therapeutics by 56.2% during the fourth quarter. Northern Trust Corp now owns 286,310 shares of the company’s stock worth $59,000 after purchasing an additional 103,026 shares in the last quarter. 95.62% of the stock is owned by institutional investors.

Lyra Therapeutics Price Performance

LYRA stock opened at $0.13 on Tuesday. The business has a fifty day moving average price of $0.18 and a 200 day moving average price of $0.21. The stock has a market capitalization of $8.32 million, a price-to-earnings ratio of -0.08 and a beta of -0.18. Lyra Therapeutics has a fifty-two week low of $0.13 and a fifty-two week high of $6.36.

Lyra Therapeutics (NASDAQ:LYRA) last posted its quarterly earnings data on Thursday, March 13th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.12) by ($0.04). The firm had revenue of $0.21 million for the quarter, compared to analyst estimates 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 in the prior year, the company posted ($1.26) EPS. On average, equities analysts expect that Lyra Therapeutics will post -0.93 earnings per share for the current fiscal year.

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.