Spyre Therapeutics (NASDAQ:SYRE) Stock Price Down 6.4% – Time to Sell?

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

Analysts Set New Price Targets

SYRE has been the subject of a number of analyst reports. The Goldman Sachs Group upgraded shares of Spyre Therapeutics to a “strong-buy” rating in a research note on Tuesday, February 18th. Wolfe Research initiated coverage on shares of Spyre Therapeutics in a research note on Tuesday, March 18th. They issued an “outperform” rating and a $27.00 price objective for the company. Finally, Wedbush reissued an “outperform” rating and set a $65.00 target price on shares of Spyre Therapeutics in a research report on Monday, January 13th. Seven equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $50.33.

Spyre Therapeutics Trading Up 3.9 %

The firm has a 50-day moving average of $20.65 and a two-hundred day moving average of $25.73. The firm has a market cap of $1.07 billion, a price-to-earnings ratio of -2.37 and a beta of 2.98.

Spyre Therapeutics (NASDAQ:SYRE) last issued 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, equities analysts anticipate that Spyre Therapeutics, Inc. will post -4.46 EPS for the current year.

Institutional Trading of Spyre Therapeutics

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

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).