Short Interest in Lyra Therapeutics, Inc. (NASDAQ:LYRA) Decreases By 94.6%

Lyra Therapeutics, Inc. (NASDAQ:LYRA - Get Free Report) saw a significant decline in short interest during the month of May. As of May 15th, there was short interest totalling 146,600 shares, a decline of 94.6% from the April 30th total of 2,700,000 shares. Based on an average daily volume of 63,800 shares, the short-interest ratio is presently 2.3 days. Currently, 13.1% of the company's stock are sold short.

Lyra Therapeutics Trading Down 6.6%

Shares of LYRA traded down $0.33 during midday trading on Friday, hitting $4.68. 60,328 shares of the company's stock traded hands, compared to its average volume of 38,522. The stock has a market capitalization of $6.20 million, a price-to-earnings ratio of -3.14 and a beta of 0.04. Lyra Therapeutics has a 1 year low of $3.81 and a 1 year high of $17.20. The firm's fifty day moving average is $5.20 and its 200-day moving average is $8.05.

Lyra Therapeutics (NASDAQ:LYRA - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported ($6.00) earnings per share (EPS) for the quarter, beating the consensus estimate of ($7.50) by $1.50. The company had revenue of $0.18 million for the quarter, compared to analyst estimates of $0.16 million. Lyra Therapeutics had a negative return on equity of 125.07% and a negative net margin of 6,635.76%. On average, equities research analysts anticipate that Lyra Therapeutics will post -0.93 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have commented on LYRA shares. HC Wainwright reissued a "neutral" rating and set a $100.00 price target on shares of Lyra Therapeutics in a research report on Friday, March 14th. Wall Street Zen upgraded shares of Lyra Therapeutics to a "sell" rating in a research note on Friday.

Hedge Funds Weigh In On Lyra Therapeutics

Hedge funds have recently modified their holdings of the stock. BNP Paribas Financial Markets acquired a new stake in Lyra Therapeutics in the 4th quarter worth approximately $51,000. Northern Trust Corp raised its holdings in shares of Lyra Therapeutics by 56.2% in the fourth quarter. Northern Trust Corp now owns 286,310 shares of the company's stock worth $59,000 after buying an additional 103,026 shares during the last quarter. ADAR1 Capital Management LLC acquired a new stake in shares of Lyra Therapeutics during the fourth quarter worth $110,000. Geode Capital Management LLC lifted its stake 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 buying an additional 117,578 shares during the period. Finally, JPMorgan Chase & Co. grew its holdings in shares of Lyra Therapeutics by 161.8% during the fourth quarter. JPMorgan Chase & Co. now owns 156,442 shares of the company's stock valued at $32,000 after buying an additional 96,681 shares during the last quarter. Institutional investors and hedge funds own 95.62% of the company's stock.

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.