Spyre Therapeutics (NASDAQ:SYRE) Reaches New 1-Year Low – Should You Sell?

Spyre Therapeutics, Inc. (NASDAQ:SYRE) shares reached a new 52-week low 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.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Wolfe Research initiated coverage on shares of Spyre Therapeutics in a research report on Tuesday, March 18th. They set an “outperform” rating and a $27.00 target price on the stock. The Goldman Sachs Group raised Spyre Therapeutics to a “strong-buy” rating in a report on Tuesday, February 18th. Finally, Wedbush reiterated an “outperform” rating and issued a $65.00 price objective 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 issued a strong buy rating to the company. Based on data from MarketBeat.com, Spyre Therapeutics has an average rating of “Buy” and a consensus price target of $50.33.

Spyre Therapeutics Stock Performance

The company has a market cap of $1.08 billion, a P/E ratio of -2.40 and a beta of 2.98. The firm’s 50-day simple moving average is $20.54 and its 200 day simple moving average is $25.59.

Spyre Therapeutics (NASDAQ:SYRE) last posted its earnings results on Thursday, February 27th. The company reported ($0.81) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.89) by $0.08. As a group, research analysts forecast that Spyre Therapeutics, Inc. will post -4.46 earnings per share for the current year.

Institutional Investors Weigh In On Spyre Therapeutics

Several hedge funds have recently bought and sold shares of SYRE. Barclays PLC increased its position in shares of 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 buying 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 about $290,000. Charles Schwab Investment Management Inc. raised its position in shares of Spyre Therapeutics by 239.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 333,275 shares of the company’s stock worth $9,802,000 after purchasing an additional 235,094 shares during the period. Victory Capital Management Inc. bought a new position in shares of Spyre Therapeutics during the 4th quarter valued at about $6,241,000. Finally, Jane Street Group LLC grew its position in shares of Spyre Therapeutics by 78.7% in the 3rd quarter. Jane Street Group LLC now owns 20,641 shares of the company’s stock valued at $607,000 after purchasing an additional 9,090 shares during the period. 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).