Matthew Caufield, an analyst from H.C. Wainwright, reiterated the Hold rating on Lyra Therapeutics. The associated price target remains the same with $16.00.
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Matthew Caufield has given his Hold rating due to a combination of factors surrounding Lyra Therapeutics’ development of their nasal implant, LYR-210, for chronic rhinosinusitis (CRS). A key issue is the inconsistency between the positive results from the Phase 3 ENLIGHTEN-2 trial and the previous negative outcomes from the Phase 3 ENLIGHTEN-1 trial. This discrepancy raises questions about the reliability of the treatment’s efficacy and its future approval prospects.
Additionally, while there is a significant unmet need in the CRS market, particularly for patients without nasal polyps, the path to FDA approval remains uncertain. The company is preparing for a Type-C meeting with the FDA to clarify the next steps for LYR-210’s development. Until there is more clarity on the regulatory pathway and potential additional trials, the Hold rating reflects a cautious approach given the current uncertainties.
Caufield covers the Healthcare sector, focusing on stocks such as Diamedica Therapeutics, Opus Genetics, and Akebia Therapeutics. According to TipRanks, Caufield has an average return of -4.4% and a 37.63% success rate on recommended stocks.