Lyra Therapeutics (LYRA) Soars 6.5%: Is Further Upside Left in the Stock?
Lyra Therapeutics, Inc. LYRA shares ended the last trading session 6.5% higher at $6.53. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 13.3% gain over the past four weeks.
This rise in share price is attributable to positive investor expectations for Lyra’s pipeline. The company’s lead pipeline candidate is LYR-210, which is being evaluated in a late-stage study for chronic rhinosinusitis (CRS). Data from this study is expected in second-quarter 2024.
This company is expected to post quarterly loss of $0.26 per share in its upcoming report, which represents a year-over-year change of +40.9%. Revenues are expected to be $0.4 million, down 2.4% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Lyra Therapeutics, the consensus EPS estimate for the quarter has been revised 11.9% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on LYRA going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Lyra Therapeutics belongs to the Zacks Medical - Drugs industry. Another stock from the same industry, Alpine Immune Sciences, Inc. ALPN, closed the last trading session 3.2% higher at $38.65. Over the past month, ALPN has returned 4.1%.
For Alpine Immune Sciences , the consensus EPS estimate for the upcoming report has changed -48.3% over the past month to -$0.44. This represents a change of -57.1% from what the company reported a year ago. Alpine Immune Sciences currently has a Zacks Rank of #3 (Hold).
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