Spyre Therapeutics (NASDAQ:SYRE) Stock Price Down 6.4% – Here’s Why

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s stock price dropped 6.4% on Tuesday . The company traded as low as $18.00 and last traded at $17.80. Approximately 153,785 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 547,764 shares. The stock had previously closed at $19.02.

Wall Street Analyst Weigh In

SYRE has been the subject of a number of analyst reports. Wolfe Research assumed coverage on Spyre Therapeutics in a report on Tuesday, March 18th. They set an “outperform” rating and a $27.00 price objective for the company. Wedbush restated an “outperform” rating and issued a $65.00 price target on shares of Spyre Therapeutics in a research report on Monday, January 13th. Finally, The Goldman Sachs Group raised shares of Spyre Therapeutics to a “strong-buy” rating in a report on Tuesday, February 18th. Seven investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Spyre Therapeutics presently has a consensus rating of “Buy” and a consensus target price of $50.33.

Spyre Therapeutics Trading Up 3.9 %

The stock has a market cap of $1.07 billion, a P/E ratio of -2.37 and a beta of 2.98. The business’s fifty day simple moving average is $20.65 and its 200 day simple moving average is $25.73.

Spyre Therapeutics (NASDAQ:SYRE) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.81) EPS for the quarter, beating the consensus estimate of ($0.89) by $0.08. On average, analysts predict that Spyre Therapeutics, Inc. will post -4.46 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Spyre Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the company. GF Fund Management CO. LTD. bought a new position in Spyre Therapeutics in the fourth quarter valued at about $29,000. Huntington National Bank bought a new position in shares of Spyre Therapeutics in the 4th quarter worth $34,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Spyre Therapeutics in the 4th quarter valued at approximately $46,000. Quest Partners LLC increased its stake in Spyre Therapeutics by 271.2% in the third quarter. Quest Partners LLC now owns 5,654 shares of the company’s stock valued at $166,000 after purchasing an additional 4,131 shares in the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new stake in Spyre Therapeutics in the fourth quarter worth $182,000. Institutional investors own 80.39% of the company’s stock.

About Spyre Therapeutics

Spyre Therapeutics, Inc, a preclinical stage biotechnology company, focuses on developing therapeutics for patients living with inflammatory bowel disease (IBD). It develops SPY001, a human monoclonal immunoglobulin G1 antibody designed to bind selectively to the a4ß7 integrin being developed for the treatment of IBD (ulcerative colitis and Crohn's disease).