Spyre Therapeutics (NASDAQ:SYRE) Shares Down 7.7% – Here’s What Happened

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

Analyst Upgrades and Downgrades

Several brokerages have weighed in on SYRE. Wedbush reissued an “outperform” rating and set a $65.00 price objective on shares of Spyre Therapeutics in a research note on Monday, January 13th. Wolfe Research initiated coverage on Spyre Therapeutics in a research report on Tuesday, March 18th. They set an “outperform” rating and a $27.00 target price on the stock. Finally, The Goldman Sachs Group upgraded Spyre Therapeutics to a “strong-buy” rating in a report on Tuesday, February 18th. Seven research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $50.33.

Spyre Therapeutics Stock Performance

The company has a market capitalization of $912.89 million, a PE ratio of -2.03 and a beta of 2.98. The firm has a fifty day simple moving average of $20.31 and a 200 day simple moving average of $25.37.

Spyre Therapeutics (NASDAQ:SYRE) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.81) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.89) by $0.08. Research analysts expect that Spyre Therapeutics, Inc. will post -4.46 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. GF Fund Management CO. LTD. bought a new stake in Spyre Therapeutics during the fourth quarter valued at about $29,000. Huntington National Bank bought a new stake in shares of Spyre Therapeutics in the 4th quarter valued at about $34,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Spyre Therapeutics in the 4th quarter valued at about $46,000. KLP Kapitalforvaltning AS purchased a new position in shares of Spyre Therapeutics in the 4th quarter worth approximately $182,000. Finally, Tower Research Capital LLC TRC raised its stake in shares of Spyre Therapeutics by 1,548.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 8,574 shares of the company’s stock worth $200,000 after acquiring an additional 8,054 shares in the last quarter. 80.39% of the stock is owned by institutional investors.

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).