Lyra Therapeutics price target raised to $15 from $13 at BofA

BofA raised the firm’s price target on Lyra Therapeutics to $15 from $13 and keeps a Buy rating on the shares after the company announced that the BEACON Phase 2 clinical study of LYR-220 in adult patients with chronic rhinosinusitis, or CRS, who have had prior ethmoid sinus surgery met its primary safety endpoint, with no serious adverse events observed. Despite BEACON’s small study size, the firm was “pleasantly surprised to see statistically significant results across key endpoints at all key timepoints” and believes the study results read-across favorably to the odds of clinical success for LYR-220, which it now pegs at 70%.