Shares of Lyra Therapeutics, Inc. (LYRA) soared 480% on Monday morning after the clinical-stage biotechnology company announced positive results from the phase 3 trial of LYR-210, which achieving statistically significant results for primary and key secondary endpoints in the treatment of chronic rhinosinusitis.
LYRA is currently trading at $28.63, down $23.70 or 480.73%, on a volume of 16.7 million shares, above average volume of 69 thousand, on the Nasdaq. The stock opened at $28.99 after closing Friday at $4.93. The stock has traded between $3.81 and $37.50 in the past 52-week period.
The trial met its primary endpoint, with LYR-210 demonstrating statistically significant improvement compared to sham control in a composite of the three cardinal symptoms (3CS) of CRS at week 24 in patients without nasal polyps.
The trial also met the key secondary endpoints of 3CS at 24 weeks in the full population (i.e., patients with and without nasal polyps) and in the clinically-validated SNOT-22 score at 24 weeks, with symptom improvement observed as early as week 4. Consistent with previous studies, LYR-210 was well-tolerated, with a safety profile similar to sham control.
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