Lyra Therapeutics, Inc.’s Lock-Up Period Will Expire on October 28th (NASDAQ:LYRA)

Lyra Therapeutics’ (NASDAQ:LYRA) lock-up period will expire on Wednesday, October 28th. Lyra Therapeutics had issued 3,500,000 shares in its public offering on May 1st. The total size of the offering was $56,000,000 based on an initial share price of $16.00. Shares of the company owned by major shareholders and company insiders will be eligible for trade following the end of the lock-up period.

Separately, Zacks Investment Research lowered Lyra Therapeutics from a “hold” rating to a “sell” rating in a research report on Tuesday, August 11th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $22.00.

NASDAQ:LYRA opened at $11.76 on Wednesday. The stock’s 50 day moving average price is $11.85. Lyra Therapeutics has a 52-week low of $10.44 and a 52-week high of $22.00.

Lyra Therapeutics (NASDAQ:LYRA) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($0.56) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.37) by ($0.19). As a group, analysts expect that Lyra Therapeutics will post -1.93 earnings per share for the current fiscal year.

Large investors have recently added to or reduced their stakes in the stock. Perceptive Advisors LLC purchased a new position in shares of Lyra Therapeutics in the 2nd quarter valued at approximately $36,543,000. Polaris Venture Management Co. V L.L.C. purchased a new position in shares of Lyra Therapeutics in the 2nd quarter valued at approximately $12,484,000. ArrowMark Colorado Holdings LLC purchased a new position in shares of Lyra Therapeutics in the 2nd quarter valued at approximately $2,270,000. Bank of America Corp DE purchased a new position in shares of Lyra Therapeutics in the 2nd quarter valued at approximately $1,259,000. Finally, Federated Hermes Inc. purchased a new position in shares of Lyra Therapeutics in the 2nd quarter valued at approximately $340,000. Hedge funds and other institutional investors own 54.47% of the company’s stock.

Lyra Therapeutics Company Profile

Lyra Therapeutics, Inc, a clinical-stage therapeutics 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. The company's XTreo technology platform is designed to deliver medicines directly to the affected tissue for sustained periods with a single administration.

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