BTIG analyst Justin Zelin has reiterated their neutral stance on LYRA stock, giving a Hold rating today.
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Justin Zelin has given his Hold rating due to a combination of factors related to Lyra Therapeutics’ current strategic focus and financial needs. The company is concentrating on executing a Phase 3 study for their LYR-210 product aimed at treating chronic rhinosinusitis without nasal polyps. While there is potential for success, the necessity to secure additional funding for the study and the fact that significant data will not be available for nearly two years contribute to a cautious outlook.
Regulatory feedback has provided a clear path for the company to pursue a New Drug Application (NDA), but the execution of the Phase 3 study is critical. The study will incorporate lessons from previous trials to enhance its chances of success. However, the financial implications of funding this study and the extended timeline for results lead to the Hold rating, as these factors present risks that warrant a neutral stance at this time.
In another report released today, TR | OpenAI – 4o also reiterated a Hold rating on the stock with a $6.00 price target.