Why Lyra Therapeutics Stock Is Down 93% Today

Lyra Therapeutics Inc LYRA shares are trading lower by 93% to $0.30 during Monday’s session after the company announced the ENLIGHTEN 1 trial did not meet its primary endpoint.

What Happened?

Lyra Therapeutics released disappointing results from its Phase 3 ENLIGHTEN 1 trial, evaluating LYR-210 for chronic rhinosinusitis (CRS). LYR-210 did not meet the primary endpoint of significantly improving CRS symptoms compared to the sham control at 24 weeks.

Despite improvements in some secondary measures, such as the Sino-Nasal Outcome Test (SNOT-22) score, ethmoid sinus opacification did not significantly improve. The trial, which enrolled 190 patients, is ongoing, with data from the 52-week extension phase expected later in the year.

The company meanwhile plans to make operational changes and reduce its workforce to conserve cash. LYR-210 is a bioabsorbable implant designed to deliver anti-inflammatory medication for up to six months, targeting a significant population of CRS patients who fail standard therapies.

See Also: Red Sea Disruptions To Cut Shipping Capacity By 15-20% In Q2, Says Maersk

Should I Sell My LYRA Stock?

When deciding to hold on to or sell a stock, investors should consider their time horizon, unrealized gains and total return.

Shares of Lyra Therapeutics have decreased by 88.24% in the past year. An investor who bought shares of Lyra Therapeutics at the beginning of the year would take a loss of $4.89 per share if they sold it today. The stock has fallen 93.98% over the past month, meaning an investor who bought shares on Apr. 1 would see a capital loss of $5.3.

Lyra Therapeutics shares have an all-time high of $9.43, representing 2972.66% upside from current levels.

Investors may also consider market dynamics. The Relative Strength Index can be used to indicate whether a stock is overbought or oversold. Lyra Therapeutics stock currently has an RSI of 20.68, indicating oversold conditions.

For access to advanced charting and analysis tools and stock data, check out Benzinga PRO. Try it for free.