Spyre Therapeutics (NASDAQ:SYRE) Stock Price Down 6.4% – Here’s What Happened

Spyre Therapeutics, Inc. (NASDAQ:SYRE) dropped 6.4% during trading on Tuesday . The stock traded as low as $18.00 and last traded at $17.80. Approximately 153,785 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 547,764 shares. The stock had previously closed at $19.02.

Analysts Set New Price Targets

Several brokerages recently commented on SYRE. The Goldman Sachs Group raised Spyre Therapeutics to a “strong-buy” rating in a research report on Tuesday, February 18th. Wedbush restated an “outperform” rating and set a $65.00 target price on shares of Spyre Therapeutics in a research note on Monday, January 13th. Finally, Wolfe Research initiated coverage on shares of Spyre Therapeutics in a report on Tuesday, March 18th. They issued an “outperform” rating and a $27.00 price target on the stock. Eight analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $50.86.

Spyre Therapeutics Stock Down 4.5 %

The firm has a market cap of $1.09 billion, a price-to-earnings ratio of -2.43 and a beta of 2.98. The stock has a 50 day moving average of $20.80 and a 200 day moving average of $25.86.

Spyre Therapeutics (NASDAQ:SYRE) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($0.81) EPS for the quarter, topping analysts’ consensus estimates of ($0.89) by $0.08. As a group, analysts predict that Spyre Therapeutics, Inc. will post -4.46 EPS for the current fiscal year.

Institutional Trading of Spyre Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the stock. Barclays PLC boosted its holdings in shares of Spyre Therapeutics by 64.7% during the 3rd quarter. Barclays PLC now owns 105,467 shares of the company’s stock valued at $3,101,000 after acquiring an additional 41,424 shares in the last quarter. China Universal Asset Management Co. Ltd. bought a new stake in shares of Spyre Therapeutics during the fourth quarter worth about $290,000. Charles Schwab Investment Management Inc. increased its stake in shares of Spyre Therapeutics by 239.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 333,275 shares of the company’s stock valued at $9,802,000 after buying an additional 235,094 shares during the period. Jane Street Group LLC raised its holdings in Spyre Therapeutics by 78.7% in the 3rd quarter. Jane Street Group LLC now owns 20,641 shares of the company’s stock valued at $607,000 after buying an additional 9,090 shares during the last quarter. Finally, Victory Capital Management Inc. acquired a new stake in Spyre Therapeutics during the 4th quarter worth approximately $6,241,000. 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).