BTIG Starts Lyra Therapeutics (LYRA) at Buy
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BTIG analyst Robert Hazlett initiates coverage on Lyra Therapeutics (NASDAQ: LYRA) with a Buy rating and a price target of $28.00.
The analyst commented, "Lyra Therapeutics is developing a novel drug delivery platform for ear, nose and throat (ENT) disease. Its technology platform called XTreo is a polymer-based system that is able to deliver a consistent, continuous dose of a therapeutic over an extended period of time to nasal mucosal tissue. Lyra’s lead program, LYR-210, has a tubular mesh configuration with elastic properties that is designed to promote comfort as well as retention in the mucosal tissue of the sinus. LYR-210 is able to deliver a continuous dose of the well-characterized steroid mometasone over 6 months to treat patients with chronic rhinosinusitis (CRS) who have not had sinus surgery. CRS is a condition that is characterized by inflammation of the paranasal sinuses that affects over 13 million in the US. Nearly 8 million seek treatment for CRS, and LYR-210 is being developed for the nearly 50% who fail existing medical management of the condition. LYR-220, a larger version of LYR-210, is being developed for patients who have previously undergone surgical intervention for their CRS, who continue to experience symptoms. With significant potential for the successful development of both LYR-210 and LYR-220 in CRS patients both with and without polyps, we initiate coverage of Lyra with a Buy rating and a $28 price target."
Shares of Lyra Therapeutics closed at $14.43 yesterday.
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