Spyre Therapeutics (NASDAQ:SYRE) Stock Price Down 9.2% – Here’s Why

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s share price traded down 9.2% during mid-day trading on Friday . The company traded as low as $21.65 and last traded at $21.80. 138,307 shares traded hands during trading, a decline of 70% from the average session volume of 465,685 shares. The stock had previously closed at $24.02.

Wall Street Analyst Weigh In

SYRE has been the subject of several research reports. Wedbush restated an “outperform” rating and issued a $45.00 price target on shares of Spyre Therapeutics in a research note on Friday, November 8th. Robert W. Baird upped their target price on shares of Spyre Therapeutics from $50.00 to $65.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Finally, Guggenheim lifted their price target on shares of Spyre Therapeutics from $50.00 to $65.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Seven investment 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 target price of $51.50.

Spyre Therapeutics Stock Performance

The firm has a market cap of $1.16 billion, a price-to-earnings ratio of -3.01 and a beta of 2.86. The firm has a 50-day moving average price of $27.39 and a two-hundred day moving average price of $28.15.

Institutional Trading of Spyre Therapeutics

Several institutional investors have recently modified their holdings of the stock. Amalgamated Bank acquired a new stake in Spyre Therapeutics during the 2nd quarter worth $28,000. Quest Partners LLC purchased a new stake in shares of Spyre Therapeutics in the 2nd quarter valued at about $36,000. Carlyle Group Inc. acquired a new stake in shares of Spyre Therapeutics in the 2nd quarter valued at about $227,000. Intech Investment Management LLC purchased a new position in Spyre Therapeutics during the 3rd quarter worth approximately $246,000. Finally, Profund Advisors LLC acquired a new position in Spyre Therapeutics during the second quarter worth approximately $296,000. Hedge funds and other institutional investors 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).