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H.C. Wainwright holds Lyra Therapeutics stock at 'Neutral,' awaiting Phase 3 results

EditorEmilio Ghigini
Published 2024/08/15, 13:48
LYRA
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On Thursday, H.C. Wainwright maintained its Neutral rating on Lyra Therapeutics (NASDAQ:LYRA) stock, with a steady price target of $2.00.

The firm's stance comes in light of the biotechnology company's ongoing developments within its chronic rhinosinusitis (CRS) program. This follows the Phase 3 ENLIGHTEN-1 trial's failure to meet its primary endpoint for LYR-210, a mometasone furoate corticosteroid nasal implant designed for CRS patients who have not undergone surgery.

The ENLIGHTEN-1 trial notably did not achieve the expected results in reducing the 3 cardinal symptoms (3CS) score, Sino-Nasal Outcome Test (SNOT-22) score, and ethmoid sinus opacification, as determined by CT scans.

Despite this setback, there are key milestones ahead that could influence the program's direction. The first is the 52-week extension results of the ENLIGHTEN-1 trial, which are expected in the fourth quarter of 2024. Additionally, the top-line results from the Phase 3 ENLIGHTEN-2 trial are anticipated in the first half of 2025.

The upcoming 52-week extension data is particularly significant as it will include results from patients who received a repeat treatment with LYR-210.

The firm is looking to see if the extended data will reveal a different therapeutic profile compared to the 24-week outcomes with a single implant.

Given that LYR-210 has direct contact with the affected CRS nasal tissue, the bioabsorbable implant's drug delivery design could potentially benefit it.

H.C. Wainwright's commentary underscores the potential for a shift in LYR-210's therapeutic profile with the forthcoming data. However, until these results are available and can substantiate support for LYR-210's efficacy, the firm reiterates its Neutral position on Lyra Therapeutics' stock, with the price target remaining unchanged.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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