Lyra Therapeutics (NASDAQ:LYRA) Price Target Cut to $11.00

Lyra Therapeutics (NASDAQ:LYRA) had its price objective reduced by Bank of America from $12.00 to $11.00 in a report published on Monday, Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts have also weighed in on the company. Cantor Fitzgerald restated an overweight rating on shares of Lyra Therapeutics in a report on Friday, January 12th. HC Wainwright reiterated a buy rating and issued a $12.00 price objective on shares of Lyra Therapeutics in a research note on Friday, March 22nd.

Lyra Therapeutics Stock Up 6.5 %

NASDAQ LYRA opened at $6.53 on Monday. The stock has a market capitalization of $390.10 million, a PE ratio of -5.06 and a beta of 0.20. The company has a 50 day moving average price of $5.32 and a two-hundred day moving average price of $4.43. Lyra Therapeutics has a 12-month low of $1.89 and a 12-month high of $6.79.

Hedge Funds Weigh In On Lyra Therapeutics

Large investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. increased its holdings in Lyra Therapeutics by 813.9% in the 1st quarter. JPMorgan Chase & Co. now owns 7,759 shares of the company’s stock valued at $31,000 after buying an additional 6,910 shares during the period. Northern Trust Corp bought a new stake in Lyra Therapeutics in the second quarter valued at about $169,000. Renaissance Technologies LLC raised its position in Lyra Therapeutics by 134.3% in the second quarter. Renaissance Technologies LLC now owns 41,000 shares of the company’s stock worth $232,000 after purchasing an additional 23,500 shares in the last quarter. State Street Corp acquired a new stake in Lyra Therapeutics during the second quarter valued at approximately $193,000. Finally, Citadel Advisors LLC bought a new stake in shares of Lyra Therapeutics in the 3rd quarter valued at approximately $186,000. Institutional investors and hedge funds own 95.62% of the company’s stock.

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.