Lyra Therapeutics initiated with a Buy at H.C. Wainwright

H.C. Wainwright initiated coverage of Lyra Therapeutics with a Buy rating and $12 price target. The analyst believes the company’s drug-eluting nasal implant platform is capable of treating the range of chronic rhinosinusitis disease while not competing with chronic nasal surgery. An an in-office nasal implant for durable corticosteroid drug release can offer patients greater freedom from the standard treatment burden, broadly across surgically-naive and post-surgical patients, particularly following failed nasal spray therapy, the analyst tells investors in a research note.