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Stock Alert: Lyra Therapeutics Tanks 20%

Shares of Lyra Therapeutics, Inc. (LYRA) are tanking over 20% on Monday morning despite positive topline results from phase 2 study of LYR-210 for chronic rhinosinusitis.

LYRA is currently trading at $9.55, down $2.92 or 23.42%, on the Nasdaq.

7500 mcg dose of LYR-210 achieved statistically significant improvement in a composite of the 4 cardinal symptoms of CRS at weeks 16, 20 and 24 compared to control.

"These data are yet more remarkable given it was achieved during the COVID-19 pandemic, which caused us to curtail enrollment sooner than originally planned," said Maria Palasis, CEO of Lyra Therapeutics.

The US stock market are down on Monday morning as investors are worried about rising coronavirus cases.

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