Spyre Therapeutics (NASDAQ:SYRE) Hits New 1-Year Low – Time to Sell?

Spyre Therapeutics, Inc. (NASDAQ:SYRE) shares hit a new 52-week low on Tuesday . The stock traded as low as $20.25 and last traded at $20.09, with a volume of 133465 shares changing hands. The stock had previously closed at $21.26.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on SYRE. Robert W. Baird upped their price target on Spyre Therapeutics from $50.00 to $65.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. The Goldman Sachs Group raised shares of Spyre Therapeutics to a “strong-buy” rating in a report on Tuesday, February 18th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $65.00 price target on shares of Spyre Therapeutics in a research note on Monday, January 13th. Seven analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $54.83.

Spyre Therapeutics Stock Performance

The company has a market cap of $1.05 billion, a price-to-earnings ratio of -2.72 and a beta of 2.85. The business’s 50 day moving average price is $22.72 and its 200-day moving average price is $26.97.

Institutional Trading of Spyre Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the business. FMR LLC increased its holdings in Spyre Therapeutics by 15.4% during the 4th quarter. FMR LLC now owns 8,801,266 shares of the company’s stock worth $204,893,000 after purchasing an additional 1,177,385 shares in the last quarter. RTW Investments LP raised its position in shares of Spyre Therapeutics by 11.2% in the 4th quarter. RTW Investments LP now owns 3,621,996 shares of the company’s stock worth $84,320,000 after acquiring an additional 363,636 shares in the last quarter. Vanguard Group Inc. increased its holdings in Spyre Therapeutics by 13.1% in the fourth quarter. Vanguard Group Inc. now owns 2,846,473 shares of the company’s stock worth $66,266,000 after purchasing an additional 330,553 shares in the last quarter. Driehaus Capital Management LLC raised its holdings in shares of Spyre Therapeutics by 308.1% during the fourth quarter. Driehaus Capital Management LLC now owns 2,803,655 shares of the company’s stock valued at $65,269,000 after purchasing an additional 2,116,575 shares during the period. Finally, Braidwell LP grew its stake in shares of Spyre Therapeutics by 17.7% in the 4th quarter. Braidwell LP now owns 2,578,404 shares of the company’s stock worth $60,025,000 after acquiring an additional 388,568 shares in the last quarter. Institutional investors 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).