Spyre Therapeutics (NASDAQ:SYRE) Sets New 1-Year Low - Here's Why

Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report)'s share price hit a new 52-week low during mid-day trading on Tuesday . The company traded as low as $17.24 and last traded at $18.22, with a volume of 728218 shares traded. The stock had previously closed at $17.94.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on SYRE shares. The Goldman Sachs Group upgraded shares of Spyre Therapeutics to a "strong-buy" rating in a research report on Tuesday, February 18th. Wedbush reiterated an "outperform" rating and set a $65.00 target price on shares of Spyre Therapeutics in a research report on Monday, January 13th. Finally, Robert W. Baird increased their target price on shares of Spyre Therapeutics from $50.00 to $65.00 and gave the stock an "outperform" rating in a research report on Wednesday, November 13th. Seven investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus target price of $54.83.

Spyre Therapeutics Trading Down 4.9 %

The business's fifty day simple moving average is $22.00 and its 200 day simple moving average is $26.61. The stock has a market cap of $1.17 billion, a P/E ratio of -2.61 and a beta of 2.98.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($0.81) EPS for the quarter, topping analysts' consensus estimates of ($0.89) by $0.08. On average, analysts predict that Spyre Therapeutics, Inc. will post -4.46 earnings per share for the current fiscal year.

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Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Barclays PLC raised its holdings in Spyre Therapeutics by 64.7% during the 3rd quarter. Barclays PLC now owns 105,467 shares of the company's stock worth $3,101,000 after buying an additional 41,424 shares during the period. China Universal Asset Management Co. Ltd. acquired a new stake in Spyre Therapeutics during the 4th quarter worth approximately $290,000. Charles Schwab Investment Management Inc. raised its holdings in Spyre Therapeutics by 239.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 333,275 shares of the company's stock worth $9,802,000 after buying an additional 235,094 shares during the period. Jane Street Group LLC raised its holdings in Spyre Therapeutics by 78.7% during the 3rd quarter. Jane Street Group LLC now owns 20,641 shares of the company's stock worth $607,000 after buying an additional 9,090 shares during the period. Finally, State Street Corp raised its holdings in Spyre Therapeutics by 9.4% during the 3rd quarter. State Street Corp now owns 1,541,555 shares of the company's stock worth $45,337,000 after buying an additional 131,896 shares during the period. 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).