Lyra Therapeutics downgraded to Neutral from Buy at H.C. Wainwright

H.C. Wainwright downgraded Lyra Therapeutics to Neutral from Buy with a price target of $2, down from $12. The most surprising parts of the primary endpoint miss in the Phase 3 ENLIGHTEN-1 trial for LYR-210 in surgically naive chronic rhinosinusitis patients were the announced consistent failures across endpoints, including the primary endpoint assessing the 3 cardinal symptoms score, the Sino-Nasal Outcome Test score, and ethmoid sinus opacification with CT scans, the analyst tells investors in a research note. The firm downgraded Lyra as the company pursues full dataset review to determine the path forward,