Analyst Matthew Caufield of H.C. Wainwright reiterated a Buy rating on Lyra Therapeutics (LYRA – Research Report), with a price target of $12.00.
Matthew Caufield’s Buy rating for Lyra Therapeutics is primarily influenced by two key factors. Firstly, the strong and consistent therapeutic profile exhibited by Lyra’s nasal implant candidate LYR-220 in post-surgical chronic rhinosinusitis (CRS) patients is noteworthy. The recent data from the Phase 2 BEACON trial supports this, particularly the significant improvement in ethmoid sinus opacification and continued symptomatic improvement, as reflected in the Sino-Nasal Outcome Test score and the 3 cardinal symptoms composite for nasal obstruction, nasal discharge, and facial pain/pressure. The trial data also confirms the potential for biannual implantation, which Caufield sees as a positive.
Secondly, Caufield sees potential in the upcoming pivotal Phase 3 ENLIGHTEN trial for LYR-210, Lyra’s other nasal implant candidate for surgically-naïve CRS patients. He believes that the demonstrated implant profile can be applied to surgically-naïve patients, especially considering the upcoming trial’s design that includes a proven dosing regimen, extended endpoint assessment, and primary endpoint evaluation of 3CS score. Furthermore, Caufield believes that the straightforward nature of in-office nasal implant insertion will facilitate patient retention and offer a durable corticosteroid drug release. In his view, the expected results from the Phase 3 ENLIGHTEN-1 trial could further substantiate the therapeutic profile of Lyra’s drug-eluting mesh implant, thereby solidifying his Buy rating.
Caufield covers the Healthcare sector, focusing on stocks such as Lyra Therapeutics, Phathom Pharmaceuticals, and Ocuphire Pharma. According to TipRanks, Caufield has an average return of 10.4% and a 37.50% success rate on recommended stocks.
In another report released yesterday, BTIG also maintained a Buy rating on the stock with a $15.00 price target.
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Lyra Therapeutics (LYRA) Company Description:
Lyra Therapeutics Inc a clinical-stage therapeutics company focused on the development and commercialization of novel integrated drug and delivery solutions for the localized treatment of patients with ear, nose and throat diseases. The company’s technology platform, XTreo, is designed to precisely and consistently deliver medicines directly to the affected tissue for sustained periods with a single administration.
Read More on LYRA:
- Lyra Therapeutics Reports Third Quarter 2023 Financial Results and Provides Corporate Update
- Lyra Therapeutics Announces Appointment of Ronan O’Brien as Chief Legal Officer
- Lyra Therapeutics appoints Ronan O’Brien as CLO
- Lyra Therapeutics assumed with a Buy at BTIG
- Lyra Therapeutics price target raised to $15 from $13 at BofA
