Spyre Therapeutics (NASDAQ:SYRE) Trading Down 7.7% – What’s Next?

Spyre Therapeutics, Inc. (NASDAQ:SYRE) fell 7.7% during trading on Monday . The stock traded as low as $16.54 and last traded at $16.56. 237,802 shares changed hands during trading, a decline of 57% from the average session volume of 554,979 shares. The stock had previously closed at $17.94.

Wall Street Analyst Weigh In

Several research analysts have weighed in on SYRE shares. Wolfe Research initiated coverage on Spyre Therapeutics in a research report on Tuesday, March 18th. They set an “outperform” rating and a $27.00 price target on the stock. Wedbush restated an “outperform” rating and set a $65.00 target price on shares of Spyre Therapeutics in a report on Monday, January 13th. Finally, The Goldman Sachs Group upgraded shares of Spyre Therapeutics to a “strong-buy” rating in a research note on Tuesday, February 18th. Seven research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Spyre Therapeutics has an average rating of “Buy” and a consensus target price of $50.33.

Spyre Therapeutics Stock Down 8.7 %

The business’s 50 day simple moving average is $20.54 and its 200-day simple moving average is $25.55. The stock has a market capitalization of $986.71 million, a price-to-earnings ratio of -2.18 and a beta of 2.98.

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

Institutional Trading of Spyre Therapeutics

Large investors have recently bought and sold shares of the business. FMR LLC grew its holdings in shares of Spyre Therapeutics by 15.4% during the 4th quarter. FMR LLC now owns 8,801,266 shares of the company’s stock valued at $204,893,000 after purchasing an additional 1,177,385 shares during the last quarter. RTW Investments LP increased its holdings in shares of Spyre Therapeutics by 11.2% during the fourth quarter. RTW Investments LP now owns 3,621,996 shares of the company’s stock worth $84,320,000 after buying an additional 363,636 shares in the last quarter. Vanguard Group Inc. lifted its stake in shares of Spyre Therapeutics by 13.1% in the 4th quarter. Vanguard Group Inc. now owns 2,846,473 shares of the company’s stock valued at $66,266,000 after acquiring an additional 330,553 shares during the last quarter. Driehaus Capital Management LLC boosted its holdings in shares of Spyre Therapeutics by 308.1% during the 4th quarter. Driehaus Capital Management LLC now owns 2,803,655 shares of the company’s stock valued at $65,269,000 after acquiring an additional 2,116,575 shares in the last quarter. Finally, Braidwell LP grew its position in Spyre Therapeutics by 17.7% during the 4th quarter. Braidwell LP now owns 2,578,404 shares of the company’s stock worth $60,025,000 after acquiring an additional 388,568 shares during the last quarter. 80.39% of the stock is owned by institutional investors and hedge funds.

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).