Spyre Therapeutics (NASDAQ:SYRE) Stock Price Down 8.3% – Time to Sell?

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s share price traded down 8.3% during trading on Wednesday . The stock traded as low as $32.64 and last traded at $32.86. 489,659 shares changed hands during trading, a decline of 4% from the average session volume of 510,812 shares. The stock had previously closed at $35.82.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on SYRE shares. Evercore ISI started coverage on Spyre Therapeutics in a research report on Tuesday, July 16th. They issued an “outperform” rating on the stock. Robert W. Baird raised their price target on Spyre Therapeutics from $50.00 to $65.00 and gave the company an “outperform” rating in a research report on Wednesday. Guggenheim raised their price target on Spyre Therapeutics from $50.00 to $65.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $45.00 price target on shares of Spyre Therapeutics in a research report on Friday, November 8th. Ten research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $48.57.

Spyre Therapeutics Stock Performance

The business’s 50 day simple moving average is $31.16 and its 200 day simple moving average is $30.42.

Institutional Trading of Spyre Therapeutics

A number of institutional investors have recently bought and sold shares of the business. Amalgamated Bank acquired a new stake in Spyre Therapeutics during the 2nd quarter worth $28,000. Quest Partners LLC acquired a new stake in Spyre Therapeutics during the 2nd quarter worth $36,000. SG Americas Securities LLC acquired a new stake in Spyre Therapeutics during the 2nd quarter worth $130,000. The Manufacturers Life Insurance Company grew its holdings in Spyre Therapeutics by 15.0% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 43,460 shares of the company’s stock worth $1,278,000 after acquiring an additional 5,678 shares during the period. Finally, Intech Investment Management LLC acquired a new stake in Spyre Therapeutics during the 3rd quarter worth $246,000. Institutional investors and hedge funds own 80.39% of the company’s stock.

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).