Spyre Therapeutics (NASDAQ:SYRE) Stock Price Down 5.3% – Here’s Why

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

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. Robert W. Baird boosted 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 reiterated an “outperform” rating and set a $65.00 target price on shares of Spyre Therapeutics in a research report on Monday. Finally, Guggenheim raised their price target on Spyre Therapeutics from $50.00 to $65.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Spyre Therapeutics currently has a consensus rating of “Buy” and a consensus price target of $54.83.

Spyre Therapeutics Stock Performance

The stock has a fifty day simple moving average of $26.50 and a two-hundred day simple moving average of $28.11. The stock has a market cap of $1.06 billion, a price-to-earnings ratio of -2.75 and a beta of 2.86.

Institutional Trading of Spyre Therapeutics

Large investors have recently bought and sold shares of the business. Avoro Capital Advisors LLC bought a new position in shares of Spyre Therapeutics in the second quarter worth about $43,238,000. Assenagon Asset Management S.A. bought a new position in Spyre Therapeutics in the 3rd quarter valued at approximately $33,609,000. Wellington Management Group LLP boosted its position in Spyre Therapeutics by 89.4% in the third quarter. Wellington Management Group LLP now owns 1,507,200 shares of the company’s stock valued at $44,327,000 after buying an additional 711,254 shares in the last quarter. Driehaus Capital Management LLC acquired a new stake in Spyre Therapeutics in the second quarter valued at approximately $16,153,000. Finally, Farallon Capital Management LLC bought a new stake in shares of Spyre Therapeutics during the second quarter worth $15,658,000. 80.39% of the stock is 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).