Spyre Therapeutics (NASDAQ:SYRE) Shares Down 5.3% – What’s Next?

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) fell 5.3% during mid-day trading on Thursday . The stock traded as low as $20.55 and last traded at $20.52. 445,155 shares were traded during trading, a decline of 19% from the average session volume of 550,368 shares. The stock had previously closed at $21.66.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the company. Wedbush reiterated an “outperform” rating and issued a $65.00 price target on shares of Spyre Therapeutics in a report on Monday, January 13th. Robert W. Baird lifted their target price on Spyre Therapeutics from $50.00 to $65.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Finally, Guggenheim raised their price target on shares of Spyre Therapeutics from $50.00 to $65.00 and gave the company a “buy” rating in a report on Friday, October 25th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $54.83.

Spyre Therapeutics Trading Up 0.3 %

The firm’s 50-day simple moving average is $25.78 and its two-hundred day simple moving average is $28.03. The company has a market cap of $1.06 billion, a PE ratio of -2.76 and a beta of 2.86.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SYRE. Driehaus Capital Management LLC acquired a new position in Spyre Therapeutics in the 2nd quarter worth approximately $16,153,000. Ensign Peak Advisors Inc acquired a new stake in shares of Spyre Therapeutics in the second quarter worth $1,939,000. Barclays PLC lifted its position in Spyre Therapeutics by 64.7% during the third quarter. Barclays PLC now owns 105,467 shares of the company’s stock valued at $3,101,000 after purchasing an additional 41,424 shares during the period. Rhumbline Advisers purchased a new stake in Spyre Therapeutics in the second quarter valued at $1,220,000. Finally, Assenagon Asset Management S.A. acquired a new position in shares of Spyre Therapeutics in the 3rd quarter valued at about $33,609,000. 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).