Peak Sales Potential For ENT-Focused Lyra Under-Appreciated: Cantor
- Cantor initiated coverage on Lyra Therapeutics Inc with an Overweight rating and a price target of $15 (166% upside).
- According to the analyst, Lyra product pipeline's peak sales potential is under-appreciated, and it expects upward earnings estimate revisions to potentially move LYRA's stock higher.
- LYRA is well-positioned with a portfolio of products to treat chronic rhinosinusitis (CRS) patients, who are both surgically-naïve with LYR-210 and post-surgical with LYR-220, to take share in the estimated $6 billion target addressable market for CRS in the U.S.
- LYRA has a cash runway into mid-2024 with almost $135 million cash balance.
- Cantor believes LYR-210 enables sustained drug delivery at difficult-to-access nasal inflammation sites and avoids the systemic side effects of oral steroids.
- LYR-210 can be administered in a non-invasive procedure by an ENT physician serving as an alternative to invasive and costly surgery.
- Additionally, a wide range of prices for existing CRS treatments, from $3,000 to 14,000 annually, offers flexibility to overcome competitive challenges.
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