Lyra Therapeutics (LYRA) stock rocketed higher on Monday after the clinical-stage therapeutics company posted results from its ENLIGHTEN 2 Phase 3 trial. This study was conducted to determine the effectiveness of LYR-210 as a treatment for chronic rhinosinusitis (CRS).
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The results from the Phase 3 study were positive, with the trial meeting its primary endpoint and key secondary endpoints. Lyra Therapeutics President and CEO Maria Palasis said, “Given these data we reported today, we plan to align with the FDA on a path forward for an NDA submission in patients without nasal polyps.”
LYRA stock surged 528.8% on Monday following the clinical trial news. That’s good for investors, as it easily erases the stock’s year-to-date and 12-month declines.
Is LYRA Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Lyra Therapeutics is Hold, based on three Hold ratings over the past three months. With that comes an average LYRA stock price target of $2, representing a potential 59.43% downside for the shares.
