BofA analyst Jason Gerberry lowered the firm’s price target on Lyra Therapeutics to $11 from $12 and keeps a Buy rating on the shares. Lyra offered no major updates with its report of Q4 results, but did include a small timeline tweak for LYR-210 Phase 3 data readouts in pre-surgery chronic rhinosinusitis, noted the analyst. The firm, which models a 70% probability of success for LYR-220 in post-surgery chronic rhinosinusitis based on prior reported clinical data for a similar asset, cites a higher run-rate for estimated R&D expense in 2024 for its lower price target on Lyra shares.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on LYRA:
- Lyra Therapeutics files $300M mixed securities shelf
- Lyra Therapeutics reports Q4 EPS ($1.26), consensus (31c)
- Lyra Therapeutics Reports Fourth Quarter and Full Year 2023 Financial Results and Provides Corporate Update
- Is LYRA a Buy, Before Earnings?
- Lyra Therapeutics Doubles Executive Chair’s Annual Salary
