Spyre Therapeutics (NASDAQ:SYRE) Stock Price Down 7.7% – Here’s What Happened

Spyre Therapeutics, Inc. (NASDAQ:SYRE) was down 7.7% during mid-day trading on Monday . The stock traded as low as $16.54 and last traded at $16.56. Approximately 237,802 shares changed hands during mid-day trading, a decline of 57% from the average daily volume of 554,979 shares. The stock had previously closed at $17.94.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. The Goldman Sachs Group raised shares of Spyre Therapeutics to a “strong-buy” rating in a research note on Tuesday, February 18th. Wolfe Research assumed coverage on Spyre Therapeutics in a research note on Tuesday, March 18th. They issued an “outperform” rating and a $27.00 price target on the stock. Finally, Wedbush reaffirmed an “outperform” rating and set a $65.00 price objective on shares of Spyre Therapeutics in a research note on Monday, January 13th. Seven investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Spyre Therapeutics has an average rating of “Buy” and a consensus price target of $50.33.

Spyre Therapeutics Price Performance

The stock has a market capitalization of $986.71 million, a price-to-earnings ratio of -2.18 and a beta of 2.98. The business has a 50 day simple moving average of $20.54 and a 200-day simple moving average of $25.55.

Spyre Therapeutics (NASDAQ:SYRE) last issued its quarterly earnings data 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 predict that Spyre Therapeutics, Inc. will post -4.46 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of SYRE. Barclays PLC lifted its stake in Spyre Therapeutics by 64.7% in the 3rd quarter. Barclays PLC now owns 105,467 shares of the company’s stock valued at $3,101,000 after acquiring an additional 41,424 shares in the last quarter. China Universal Asset Management Co. Ltd. bought a new stake in shares of Spyre Therapeutics in the fourth quarter worth $290,000. Charles Schwab Investment Management Inc. grew its position in Spyre Therapeutics by 239.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 333,275 shares of the company’s stock valued at $9,802,000 after purchasing an additional 235,094 shares in the last quarter. Victory Capital Management Inc. acquired a new stake in Spyre Therapeutics in the 4th quarter valued at $6,241,000. Finally, Jane Street Group LLC lifted its position in Spyre Therapeutics by 78.7% during the 3rd quarter. Jane Street Group LLC now owns 20,641 shares of the company’s stock worth $607,000 after buying an additional 9,090 shares in the last quarter. 80.39% of the stock is 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).