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

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s stock price traded down 2.5% on Tuesday . The stock traded as low as $22.73 and last traded at $23.00. 48,749 shares were traded 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 Analyst Weigh In

A number of research analysts recently issued reports on SYRE shares. Wedbush restated an “outperform” rating and set a $45.00 price target on shares of Spyre Therapeutics in a research note on Friday, November 8th. Guggenheim upped their price target on Spyre Therapeutics from $50.00 to $65.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Finally, Robert W. Baird increased their price target on Spyre Therapeutics from $50.00 to $65.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $51.50.

Spyre Therapeutics Stock Down 2.4 %

The stock has a fifty day moving average of $30.11 and a two-hundred day moving average of $28.71. The stock has a market cap of $1.18 billion, a price-to-earnings ratio of -3.08 and a beta of 2.82.

Institutional Inflows and Outflows

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