Spyre Therapeutics (NASDAQ:SYRE) Trading Down 7.7% – What’s Next?

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

Wall Street Analysts Forecast Growth

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

Spyre Therapeutics Stock Performance

The firm’s 50 day moving average is $20.31 and its 200-day moving average is $25.37. The stock has a market capitalization of $912.89 million, a price-to-earnings ratio of -2.03 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) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.89) by $0.08. As a group, sell-side analysts forecast that Spyre Therapeutics, Inc. will post -4.46 earnings per share for the current year.

Institutional Trading of Spyre Therapeutics

Several institutional investors have recently modified their holdings of the stock. GF Fund Management CO. LTD. purchased a new position in Spyre Therapeutics in the 4th quarter valued at about $29,000. Huntington National Bank acquired a new position in shares of Spyre Therapeutics during the fourth quarter valued at approximately $34,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Spyre Therapeutics in the fourth quarter valued at approximately $46,000. KLP Kapitalforvaltning AS acquired a new stake in shares of Spyre Therapeutics in the fourth quarter worth approximately $182,000. Finally, Intech Investment Management LLC purchased a new stake in shares of Spyre Therapeutics during the third quarter worth approximately $246,000. Institutional investors and hedge funds own 80.39% of the company’s stock.

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).