Spyre Therapeutics (NASDAQ:SYRE) Shares Down 7.7% – Should You Sell?

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) dropped 7.7% on Thursday . The company traded as low as $24.41 and last traded at $24.41. Approximately 573,717 shares traded hands during mid-day trading, an increase of 9% from the average daily volume of 526,435 shares. The stock had previously closed at $26.44.

Analyst Ratings Changes

SYRE has been the subject of a number of analyst reports. 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 note on Wednesday, November 13th. Wedbush reaffirmed an “outperform” rating and issued a $45.00 price objective on shares of Spyre Therapeutics in a research report on Friday, November 8th. Finally, Guggenheim lifted their price target on Spyre Therapeutics from $50.00 to $65.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $51.50.

Spyre Therapeutics Stock Performance

The stock has a market capitalization of $1.24 billion, a price-to-earnings ratio of -3.23 and a beta of 2.82. The company has a fifty day simple moving average of $30.63 and a two-hundred day simple moving average of $29.22.

Hedge Funds Weigh In On Spyre Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SYRE. Amalgamated Bank acquired a new position in Spyre Therapeutics in the 2nd quarter valued at $28,000. Quest Partners LLC bought a new position in shares of Spyre Therapeutics in the 2nd quarter valued at $36,000. SG Americas Securities LLC bought a new position in shares of Spyre Therapeutics in the 2nd quarter valued at $130,000. Carlyle Group Inc. bought a new position in shares of Spyre Therapeutics in the 2nd quarter valued at $227,000. Finally, Intech Investment Management LLC bought a new position in shares of Spyre Therapeutics in the 3rd quarter valued at $246,000. 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).