Jefferies downgraded Lyra Therapeutics to Hold from Buy with a price target of 50c, down from $10. The company reported “disappointing” Phase III data, which came as a “great surprise” given the de-risked steroid mechanism of action and sham arm performing in-line with expectations, the analyst tells investors in a research note. The firm says Lyra’s path forward is now “much murkier and uncertain” given its current $87M cash position.
Confident Investing Starts Here:
- Quickly and easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on LYRA:
- Lyra Therapeutics Reports Topline Results from Phase 3 ENLIGHTEN 1 Trial for LYR-210 in Chronic Rhinosinusitis
- Lyra Therapeutics Navigates High-Stakes Clinical Trials Amid Safety and Efficacy Challenges
- Lyra Therapeutics Reports First Quarter 2024 Financial Results and Provides Corporate Update
- Lyra Therapeutics reports Q1 EPS (35c), consensus (26c)
- Lyra Therapeutics Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)