Jefferies Downgrades Lyra Therapeutics to Hold, Lowers Price Target to $0.5
Portfolio Pulse from Benzinga Newsdesk
Jefferies analyst Dennis Ding downgraded Lyra Therapeutics (NASDAQ:LYRA) from Buy to Hold and significantly lowered the price target from $10 to $0.5, indicating a bearish outlook on the company's stock.
May 07, 2024 | 12:04 pm
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Jefferies downgraded Lyra Therapeutics from Buy to Hold and slashed the price target from $10 to $0.5, reflecting a negative sentiment towards the company's future stock performance.
The downgrade from Buy to Hold by a prominent analyst, coupled with a significant reduction in the price target, usually signals a bearish outlook on the stock. This could lead to a decrease in investor confidence and a potential drop in stock price in the short term.
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