Why Is Lyra Therapeutics (LYRA) Stock Down 90% Today?


  • Lyra Therapeutics (LYRA) stock is falling on Monday after failing a recent clinical trial.
  • This brings with it heavy trading as investors sell LYRA shares.
  • It also has the company preparing to lay off workers.
LYRA Stock - Why Is Lyra Therapeutics (LYRA) Stock Down 90% Today?

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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

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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.

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