Spyre Therapeutics (NASDAQ:SYRE) Reaches New 12-Month Low – Here’s What Happened

Spyre Therapeutics, Inc. (NASDAQ:SYRE) shares reached a new 52-week low during trading on Wednesday . The stock traded as low as $16.93 and last traded at $17.02, with a volume of 647660 shares trading hands. The stock had previously closed at $18.16.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on SYRE. Wolfe Research began coverage on Spyre Therapeutics in a report on Tuesday, March 18th. They set an “outperform” rating and a $27.00 target price for the company. The Goldman Sachs Group upgraded Spyre Therapeutics to a “strong-buy” rating in a report on Tuesday, February 18th. Finally, Wedbush restated an “outperform” rating and issued a $65.00 target price on shares of Spyre Therapeutics in a research note on Monday, January 13th. Seven analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Spyre Therapeutics has an average rating of “Buy” and a consensus target price of $50.33.

Spyre Therapeutics Price Performance

The firm has a 50-day moving average of $20.54 and a 200 day moving average of $25.59. The stock has a market capitalization of $1.08 billion, a price-to-earnings ratio of -2.40 and a beta of 2.98.

Spyre Therapeutics (NASDAQ:SYRE) last released its earnings results on Thursday, February 27th. The company reported ($0.81) earnings per share for the quarter, beating the consensus estimate of ($0.89) by $0.08. On average, equities analysts forecast that Spyre Therapeutics, Inc. will post -4.46 earnings per share for the current year.

Institutional Investors Weigh In On Spyre Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of SYRE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Spyre Therapeutics by 4.2% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,741 shares of the company’s stock worth $527,000 after buying an additional 916 shares during the last quarter. GF Fund Management CO. LTD. bought a new stake in Spyre Therapeutics in the 4th quarter valued at $29,000. MetLife Investment Management LLC lifted its holdings in Spyre Therapeutics by 6.2% during the 4th quarter. MetLife Investment Management LLC now owns 21,382 shares of the company’s stock valued at $498,000 after purchasing an additional 1,250 shares during the last quarter. Huntington National Bank bought a new position in Spyre Therapeutics during the fourth quarter worth $34,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Spyre Therapeutics in the fourth quarter valued at $46,000. 80.39% of the stock is owned by institutional investors.

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).