Spyre Therapeutics (NASDAQ:SYRE) Shares Down 8.3% – Here’s Why

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

Analysts Set New Price Targets

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

Spyre Therapeutics Stock Performance

The company’s 50 day simple moving average is $31.32 and its two-hundred day simple moving average is $30.44.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SYRE. Amalgamated Bank purchased a new position in Spyre Therapeutics during the 2nd quarter valued at about $28,000. Quest Partners LLC purchased a new position in shares of Spyre Therapeutics in the second quarter valued at approximately $36,000. SG Americas Securities LLC acquired a new position in shares of Spyre Therapeutics in the second quarter valued at approximately $130,000. Intech Investment Management LLC acquired a new stake in Spyre Therapeutics during the 3rd quarter worth approximately $246,000. Finally, Carlyle Group Inc. purchased a new position in Spyre Therapeutics in the 2nd quarter valued at approximately $227,000. 80.39% of the stock is currently owned by institutional investors and hedge funds.

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).