Gyre Therapeutics (NASDAQ:GYRE) Stock Price Down 11.9% - Here's Why

Shares of Gyre Therapeutics, Inc. (NASDAQ:GYRE - Get Free Report) fell 11.9% on Wednesday . The company traded as low as $6.35 and last traded at $6.38. Approximately 83,101 shares changed hands during mid-day trading, a decline of 8% from the average daily volume of 90,296 shares. The stock had previously closed at $7.24.

Wall Street Analysts Forecast Growth

Separately, Noble Financial assumed coverage on Gyre Therapeutics in a report on Tuesday, March 11th. They set an "outperform" rating for the company.

Gyre Therapeutics Stock Performance

The company's 50 day moving average price is $10.20 and its 200-day moving average price is $11.54. The stock has a market cap of $722.68 million, a P/E ratio of 154.40 and a beta of 2.03.

Gyre Therapeutics (NASDAQ:GYRE - Get Free Report) last issued its quarterly earnings data on Monday, March 17th. The company reported $0.01 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.04 by ($0.03). Gyre Therapeutics had a negative return on equity of 118.43% and a negative net margin of 84.57%. The firm had revenue of $27.87 million during the quarter, compared to the consensus estimate of $23.50 million.

Institutional Investors Weigh In On Gyre Therapeutics

Large investors have recently made changes to their positions in the business. Charles Schwab Investment Management Inc. raised its position in Gyre Therapeutics by 392.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 113,648 shares of the company's stock worth $1,425,000 after acquiring an additional 90,557 shares during the period. FMR LLC bought a new stake in shares of Gyre Therapeutics in the 3rd quarter worth approximately $47,000. State Street Corp raised its holdings in shares of Gyre Therapeutics by 8.8% in the 3rd quarter. State Street Corp now owns 104,490 shares of the company's stock worth $1,310,000 after purchasing an additional 8,412 shares during the period. Barclays PLC lifted its stake in Gyre Therapeutics by 281.8% in the third quarter. Barclays PLC now owns 9,288 shares of the company's stock valued at $116,000 after purchasing an additional 6,855 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in Gyre Therapeutics by 16.9% during the third quarter. Geode Capital Management LLC now owns 303,647 shares of the company's stock valued at $3,808,000 after purchasing an additional 43,840 shares during the period. 23.99% of the stock is owned by hedge funds and other institutional investors.

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Gyre Therapeutics Company Profile

Gyre Therapeutics, Inc, a biopharmaceutical company, primarily focuses on the development and commercialization of Hydronidone for the treatment of Metabolic Dysfunction Associated Steatohepatitis in the United States. Its Hydronidone is also being evaluated for the treatment of liver fibrosis across a spectrum of chronic liver diseases.