Lyra Therapeutics downgraded to Hold from Buy at Jefferies

Jefferies downgraded Lyra Therapeutics to Hold from Buy with a price target of 50c, down from $10. The company reported “disappointing” Phase III data, which came as a “great surprise” given the de-risked steroid mechanism of action and sham arm performing in-line with expectations, the analyst tells investors in a research note. The firm says Lyra’s path forward is now “much murkier and uncertain” given its current $87M cash position.