Spyre Therapeutics (NASDAQ:SYRE) Shares Gap Down – Time to Sell?

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $28.67, but opened at $27.73. Spyre Therapeutics shares last traded at $26.85, with a volume of 830,115 shares.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Robert W. Baird boosted their target price on shares of Spyre Therapeutics from $50.00 to $65.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Wedbush restated an “outperform” rating and issued a $45.00 price target on shares of Spyre Therapeutics in a research report on Friday, November 8th. Finally, Guggenheim lifted their target price on shares of Spyre Therapeutics from $50.00 to $65.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Spyre Therapeutics currently has an average rating of “Buy” and a consensus price target of $48.57.

Spyre Therapeutics Trading Up 2.2 %

The stock has a market capitalization of $1.41 billion, a P/E ratio of -3.68 and a beta of 2.90. The company has a fifty day simple moving average of $31.28 and a two-hundred day simple moving average of $30.23.

Institutional Investors Weigh In On Spyre Therapeutics

Institutional investors and hedge funds have recently modified their holdings of the business. Amalgamated Bank bought a new stake in shares of Spyre Therapeutics during the 2nd quarter valued at $28,000. Quest Partners LLC bought a new stake in Spyre Therapeutics in the second quarter valued at about $36,000. SG Americas Securities LLC bought a new stake in Spyre Therapeutics in the second quarter valued at about $130,000. Intech Investment Management LLC acquired a new position in Spyre Therapeutics in the third quarter valued at about $246,000. Finally, Carlyle Group Inc. bought a new position in Spyre Therapeutics during the second quarter worth about $227,000. 80.39% of the stock is owned by institutional investors.

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).