Spyre Therapeutics (NASDAQ:SYRE) Shares Down 2.5% – What’s Next?

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s share price was down 2.5% during mid-day trading on Tuesday . The company traded as low as $22.73 and last traded at $23.00. Approximately 48,749 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 527,322 shares. The stock had previously closed at $23.59.

Analysts Set New Price Targets

A number of research firms have weighed in on SYRE. Wedbush reaffirmed an “outperform” rating and set a $45.00 price target on shares of Spyre Therapeutics in a research note on Friday, November 8th. Guggenheim lifted their target price on Spyre Therapeutics from $50.00 to $65.00 and gave the company a “buy” rating in a report on Friday, October 25th. Finally, Robert W. Baird boosted their price target on Spyre Therapeutics from $50.00 to $65.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $51.50.

Spyre Therapeutics Stock Performance

The firm has a fifty day moving average of $30.11 and a 200-day moving average of $28.71. The stock has a market capitalization of $1.18 billion, a price-to-earnings ratio of -3.08 and a beta of 2.82.

Institutional Investors Weigh In On Spyre Therapeutics

Large investors have recently modified their holdings of the stock. Driehaus Capital Management LLC purchased a new position in Spyre Therapeutics in the 2nd quarter worth approximately $16,153,000. Ensign Peak Advisors Inc purchased a new position in shares of Spyre Therapeutics in the second quarter valued at $1,939,000. Bank of New York Mellon Corp acquired a new stake in Spyre Therapeutics during the 2nd quarter valued at $2,767,000. Rhumbline Advisers purchased a new stake in Spyre Therapeutics during the 2nd quarter worth $1,220,000. Finally, Assenagon Asset Management S.A. acquired a new position in Spyre Therapeutics in the 3rd quarter worth $33,609,000. Institutional investors and hedge funds 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).