Spyre Therapeutics (NASDAQ:SYRE) Stock Price Down 8.3% – Time to Sell?

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) traded down 8.3% during mid-day trading on Wednesday . The company traded as low as $32.64 and last traded at $32.86. 489,659 shares traded hands during mid-day trading, a decline of 4% from the average session volume of 510,812 shares. The stock had previously closed at $35.82.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Guggenheim upped their price objective on shares of Spyre Therapeutics from $50.00 to $65.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Robert W. Baird upped their price objective on shares of Spyre Therapeutics from $50.00 to $65.00 and gave the stock an “outperform” rating in a research report on Wednesday. Evercore ISI initiated coverage on shares of Spyre Therapeutics in a research report on Tuesday, July 16th. They issued an “outperform” rating for the company. Finally, Wedbush reissued an “outperform” rating and set a $45.00 target price on shares of Spyre Therapeutics in a research report on Friday, November 8th. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $48.57.

Spyre Therapeutics Stock Performance

The stock’s 50-day moving average price is $31.16 and its two-hundred day moving average price is $30.42.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Driehaus Capital Management LLC bought a new position in Spyre Therapeutics in the 2nd quarter worth approximately $16,153,000. Ensign Peak Advisors Inc bought a new position in Spyre Therapeutics in the 2nd quarter worth approximately $1,939,000. Bank of New York Mellon Corp bought a new position in Spyre Therapeutics in the 2nd quarter worth approximately $2,767,000. Rhumbline Advisers bought a new position in Spyre Therapeutics in the 2nd quarter worth approximately $1,220,000. Finally, Assenagon Asset Management S.A. bought a new position in Spyre Therapeutics in the 3rd quarter worth approximately $33,609,000. 80.39% of the stock is owned by institutional investors.

Spyre Therapeutics Company Profile

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).