Spyre Therapeutics (NASDAQ:SYRE) Trading Down 2.5% – Here’s Why

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

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the company. Wedbush reiterated an “outperform” rating and set a $45.00 price target on shares of Spyre Therapeutics in a research report on Friday, November 8th. Guggenheim raised their target price on Spyre Therapeutics from $50.00 to $65.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Finally, Robert W. Baird upped their price target on shares of Spyre Therapeutics from $50.00 to $65.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Seven equities research 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 $51.50.

Spyre Therapeutics Trading Down 1.1 %

The company has a market cap of $1.20 billion, a price-to-earnings ratio of -3.12 and a beta of 2.82. The stock has a 50-day simple moving average of $29.77 and a 200-day simple moving average of $28.60.

Institutional Investors Weigh In On Spyre Therapeutics

Several institutional investors have recently bought and sold shares of SYRE. Amalgamated Bank acquired a new position in Spyre Therapeutics during the 2nd quarter valued at about $28,000. Quest Partners LLC bought a new position in shares of Spyre Therapeutics in the second quarter valued at approximately $36,000. Intech Investment Management LLC acquired a new position in shares of Spyre Therapeutics during the third quarter valued at approximately $246,000. Carlyle Group Inc. bought a new stake in Spyre Therapeutics during the second quarter worth approximately $227,000. Finally, SG Americas Securities LLC lifted its position in Spyre Therapeutics by 127.0% in the third quarter. SG Americas Securities LLC now owns 12,589 shares of the company’s stock worth $370,000 after purchasing an additional 7,044 shares during the period. Institutional investors and hedge funds own 80.39% of the company’s stock.

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).