Lyra (LYRA) Posts Upbeat Data on Rhinosinusitis Study, Stock Up
Lyra Therapeutics LYRA reported positive data from the ongoing phase II BEACON study, evaluating LYR-220 for treating patients with chronic rhinosinusitis (CRS) who have undergone ethmoid sinus surgery. Following this announcement, shares of the company were up 7.5% on Sep 12.
Data from the BEACON study demonstrated that treatment with LYR-220 led to a statistically significant and clinically meaningful improvement in efficacy as early as two weeks. This improvement was observed in both the cardinal symptoms of CRS (nasal obstruction, nasal discharge, facial pain/pressure) and the Sino-Nasal Outcome Test (SNOT-22) score.
The study met its primary safety endpoint, indicating that LYR-220 demonstrated a favorable safety profile with no serious adverse events compared to a sham control. The most commonly reported adverse events included sinusitis, nasopharyngitis, bronchitis and COVID-19.
Shares of Lyra have rallied 46.5% year to date against with the industry’s 4.1% decline.
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LYR-220 is a bioresorbable nasal matrix, designed to deliver six months of continuous anti-inflammatory medication to the sinonasal passages for the treatment of CRS.
The encouraging results indicate LYR-220’s potential to provide clinical benefit for CRS patients who have undergone ethmoid sinus surgery. The full results of the BEACON study will be presented at the American Rhinologic Society 69th Annual Meeting on Sep 30, 2023.
The positive results from the BEACON study led to increased confidence in the ongoing pivotal phase III ENLIGHTEN study evaluating LYR-210 in pre-surgical CRS patients. Last month, the company completed patient enrollment in the late-stage study and anticipates to report data in the first half of 2024.
Lyra Therapeutics, Inc. Price and Consensus
Lyra Therapeutics, Inc. price-consensus-chart | Lyra Therapeutics, Inc. Quote
Zacks Rank & Stocks to Consider
Lyra currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the same industry are Anika Therapeutics ANIK, Annovis Bio ANVS and Corcept Therapeutics CORT, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the past 90 days, the Zacks Consensus Estimate forAnika Therapeutics has narrowed from a loss of $1.41 per share to a loss of $1.32 for 2023. The bottom-line estimate has narrowed from a loss of 79 cents to a loss of 64 cents for 2024 during the same time frame. Shares of the company have lost 42.4% year to date.
ANIK’s earnings beat estimates in one of the trailing four quarters and missed the mark in the remaining three, delivering an average negative surprise of 32.12%.
In the past 90 days, the Zacks Consensus Estimate for Annovis Bio has narrowed from a loss of $4.89 per share to a loss of $4.38 for 2023. The bottom-line estimate has narrowed from a loss of $3.18 to a loss of $2.77 for 2024 during the same time frame. Shares of the company have lost 17% year to date.
ANVS’ earnings beat estimates in three of the trailing four quarters and missed the mark in one, delivering an average surprise of 13.40%.
In the past 90 days, the Zacks Consensus Estimate for Corcept’s earnings has gone up from 62 cents per share to 78 cents for 2023. The bottom-line estimate has also improved from 61 cents to 83 cents for 2024 during the same time frame. Shares of the company have rallied 62.6% year to date.
CORT’s earnings beat estimates in two of the trailing four quarters and missed the mark in the other two, delivering an average surprise of 6.99%.
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Lyra Therapeutics, Inc. (LYRA) : Free Stock Analysis Report
