On Thursday, H.C. Wainwright maintained its Neutral rating on Lyra Therapeutics (NASDAQ:LYRA) stock, with a steady price target of $2.00.
The firm's stance comes in light of the biotechnology company's ongoing developments within its chronic rhinosinusitis (CRS) program. This follows the Phase 3 ENLIGHTEN-1 trial's failure to meet its primary endpoint for LYR-210, a mometasone furoate corticosteroid nasal implant designed for CRS patients who have not undergone surgery.
The ENLIGHTEN-1 trial notably did not achieve the expected results in reducing the 3 cardinal symptoms (3CS) score, Sino-Nasal Outcome Test (SNOT-22) score, and ethmoid sinus opacification, as determined by CT scans.
Despite this setback, there are key milestones ahead that could influence the program's direction. The first is the 52-week extension results of the ENLIGHTEN-1 trial, which are expected in the fourth quarter of 2024. Additionally, the top-line results from the Phase 3 ENLIGHTEN-2 trial are anticipated in the first half of 2025.
The upcoming 52-week extension data is particularly significant as it will include results from patients who received a repeat treatment with LYR-210.
The firm is looking to see if the extended data will reveal a different therapeutic profile compared to the 24-week outcomes with a single implant.
Given that LYR-210 has direct contact with the affected CRS nasal tissue, the bioabsorbable implant's drug delivery design could potentially benefit it.
H.C. Wainwright's commentary underscores the potential for a shift in LYR-210's therapeutic profile with the forthcoming data. However, until these results are available and can substantiate support for LYR-210's efficacy, the firm reiterates its Neutral position on Lyra Therapeutics' stock, with the price target remaining unchanged.
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