Hedge Funds Say These 5 Penny Stocks are Poised to Explode

3. Lyra Therapeutics, Inc. (NASDAQ:LYRA)

Share Price as of December 15: $4.24
Stock Price Upside Potential: 235%
Number of Hedge Fund Holders: 14

Based in Watertown, Massachusetts, Lyra Therapeutics, Inc. (NASDAQ:LYRA) is a clinical-stage biotechnology company that develops and commercializes novel integrated drug and delivery solutions for the localized treatment of ear, nose, and throat diseases. Lyra Therapeutics, Inc. (NASDAQ:LYRA)’s Xtrei technology platform helps in delivering medications to the affected tissues.

In Q3, Lyra Therapeutics, Inc. (NASDAQ:LYRA) announced positive top-line data for the BEACON phase II study of LYR-220 in CRS patients with prior sinus surgery. The treatment showed clear and meaningful reductions in symptom severity, meeting the primary safety goal of the trial.

Lyra Therapeutics, Inc. (NASDAQ:LYRA) is one of the penny stocks on the move that’s well poised to explode, going by the 28% gain year to date, outperforming the S&P 500. In addition, analysts on Wall Street are bullish about its long-term prospects, with a Buy rating and $13.50 price target implying a 235% upside potential.

Lyra Therapeutics, Inc. (NASDAQ:LYRA) was in 14 hedge fund portfolios at the end of the third quarter of 2023.

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