BTIG analyst Justin Zelin downgraded Lyra Therapeutics to Neutral from Buy with no price target after the company announced that the Phase 3 ENLIGHTEN I study did not meet its primary endpoint. The firm, which is “surprised” that the trial did not meet statistical significance given the “solid” data exhibited from the Phase 2 LANTERN and sister BEACON studies, believes the study may have failed due to LYR-210 underperformance and sham overperformance. The firm cites the study failure and lack of relevant near-term catalysts for its downgrade of the shares.
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