Lyra Therapeutics (NASDAQ:LYRA) stock is falling hard on Monday after the clinical-stage biotechnology company announced results from a Phase 3 clinical trial of LYR-210.
LYR-210 is the company’s potential treatment for chronic rhinosinusitis currently in development. Unfortunately, the Phase 3 trial didn’t produce the results the company was hoping for.
The ENLIGHTEN 1 study did not meet its primary endpoint of “statistically significant improvement” compared to sham control. That includes a failure to improve three major symptoms of chronic rhinosinusitis.
Maria Palasis, President and CEO of Lyra Therapeutics, said the following about the results:
“We are surprised and disappointed by the ENLIGHTEN 1 topline results […] We are moving as quickly as possible to evaluate the full dataset to better understand these findings in order to determine our path forward.”
What’s Next for LYRA Stock?
The future is unclear for Lyra Therapeutics with the results of this clinical trial. That has the company saying it intends to make near-term changes to its business operations. That includes laying off employees to conserve cash.
LYRA stock is down 89.6% as of Monday morning with more than 39 million shares traded. That’s well above its daily average trading volume of about 373,000 units as investors sell the stock.
There are more recent stock market stories traders are going to want to read about below!
We have all of the hottest stock market news available on Monday! A few examples include what’s happening with shares of TC BioPharm (NASDAQ:TCBP) stock, Luminar (NASDAQ:LAZR) layoffs and more. All of this news is good to go at the following links!
More Stock Market News for Monday
- Why Is TC Biopharm (TCBP) Stock Up 51% Today?
- Luminar Layoffs 2024: What to Know About the Latest LAZR Job Cuts
- Is the Marathon (MARA) Stock Short Squeeze Heating Back Up?
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
