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Wednesday, September 27, 2023

Lyra Therapeutics, Inc. (LYRA) Stock on a Bullish Ride, Here’s Why

Lyra Therapeutics, Inc. (LYRA), a clinical-stage therapeutics company, is having an outstanding time in the current market as it has soared by 24.21% and consequently is trading at $5.37 at the time of the writing.

LYRA into Private Placement

LYRA stock has started to climb following the announcement regarding private placement. Hours ago, Lyra has announced it has entered into a securities purchase agreement. The agreement is being done to serve the purpose of selling the securities in a private placement. The gross proceeds from the offering are estimated to be approximately $100.5 million. The offering is expected to close on the 12th of April 2022.

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What’s Happening in Healthcare Sector?

As the overall market sentiment is showing bearish signs, but not the healthcare sector which LYRA is part. The US healthcare sector index has been up 15% compared to the same period 12 months ago. The reason for that is the overall sense of safety and stability that healthcare-related stocks provide to the investors. Most healthcare companies haven’t got huge markets in either Russia or Ukraine; hence, they have generally remained stable in the wake of the current situation.

Recent Developments of LYRA

LYRA was having serious cash-related issues for the last few months, but the private placement announced today could change the situation for it. With regards to the operational scenario, the company has just begun the late-stage studies on its lead program, LYR-210, which is intended for the treatment of chronic rhinosinusitis. The company is also looking toward a mid-stage study of LYR-220, which would be tested on patients experiencing the disease even after sinus surgery.

Final Remarks

Looking ahead, market observers think that even though LYRA stock has declined more than 70% since its IPO, the recent past performance is an indicator that the stock is on a positive trajectory. Hence, as the stock is depicting a stable trend over the last few weeks, investors should look to invest for the longer term in the stock to attain maximum returns.

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