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

Lyra Therapeutics, Inc. (NASDAQ:LYRA - Get Free Report) was the target of a significant decline in short interest in 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. Currently, 13.1% of the shares of the company are short sold. Based on an average daily volume of 63,800 shares, the short-interest ratio is currently 2.3 days.

Lyra Therapeutics Trading Up 310.8%

LYRA traded up $15.32 on Monday, hitting $20.25. 26,795,712 shares of the stock traded hands, compared to its average volume of 122,460. Lyra Therapeutics has a 52 week low of $3.81 and a 52 week high of $36.73. The firm has a market capitalization of $26.83 million, a PE ratio of -13.59 and a beta of 0.04. The business has a fifty day moving average price of $5.45 and a two-hundred day moving average price of $8.12.

Lyra Therapeutics (NASDAQ:LYRA - Get Free Report) last released its quarterly earnings data on Tuesday, May 6th. The company reported ($6.00) earnings per share for the quarter, beating analysts' consensus estimates of ($7.50) by $1.50. The company had revenue of $0.18 million for the quarter, compared to the consensus estimate 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 forecast that Lyra Therapeutics will post -0.93 EPS for the current fiscal year.

Institutional Investors Weigh In On Lyra Therapeutics

A number of institutional investors have recently added to or reduced their stakes in LYRA. ADAR1 Capital Management LLC acquired a new stake in Lyra Therapeutics during the fourth quarter valued at approximately $110,000. BNP Paribas Financial Markets acquired a new stake in Lyra Therapeutics during the fourth quarter valued at approximately $51,000. Geode Capital Management LLC boosted its holdings in Lyra Therapeutics by 15.3% during the fourth quarter. Geode Capital Management LLC now owns 885,966 shares of the company's stock valued at $183,000 after purchasing an additional 117,578 shares in the last quarter. Northern Trust Corp boosted its holdings in Lyra Therapeutics by 56.2% during the fourth quarter. Northern Trust Corp now owns 286,310 shares of the company's stock valued at $59,000 after purchasing an additional 103,026 shares in the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in 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 purchasing an additional 96,681 shares in the last quarter. 95.62% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on LYRA. Wall Street Zen upgraded Lyra Therapeutics to a "sell" rating in a research note on Friday. HC Wainwright restated a "neutral" rating and set a $100.00 price target on shares of Lyra Therapeutics in a research note on Friday, March 14th.

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.