Spyre Therapeutics (NASDAQ:SYRE) Hits New 12-Month Low - What's Next?

Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report) shares hit a new 52-week low during trading on Wednesday . The stock traded as low as $16.93 and last traded at $17.02, with a volume of 647660 shares traded. The stock had previously closed at $18.16.

Analysts Set New Price Targets

A number of research firms have recently weighed in on SYRE. Wolfe Research initiated coverage on shares of Spyre Therapeutics in a research report on Tuesday, March 18th. They issued an "outperform" rating and a $27.00 price target for the company. Wedbush reissued an "outperform" rating and set a $65.00 target price on shares of Spyre Therapeutics in a report on Monday, January 13th. Finally, The Goldman Sachs Group raised Spyre Therapeutics to a "strong-buy" rating in a research note 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 stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $50.33.

Spyre Therapeutics Stock Performance

The company has a market cap of $1.08 billion, a price-to-earnings ratio of -2.40 and a beta of 2.98. The business has a fifty day moving average price of $20.54 and a 200 day moving average price of $25.55.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.81) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.89) by $0.08. As a group, equities analysts anticipate that Spyre Therapeutics, Inc. will post -4.46 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Driehaus Capital Management LLC boosted its holdings in shares of Spyre Therapeutics by 308.1% during the 4th quarter. Driehaus Capital Management LLC now owns 2,803,655 shares of the company's stock valued at $65,269,000 after acquiring an additional 2,116,575 shares in the last quarter. FMR LLC raised its position in Spyre Therapeutics by 15.4% in the fourth quarter. FMR LLC now owns 8,801,266 shares of the company's stock valued at $204,893,000 after purchasing an additional 1,177,385 shares during the last quarter. Jefferies Financial Group Inc. boosted its stake in shares of Spyre Therapeutics by 167.6% during the fourth quarter. Jefferies Financial Group Inc. now owns 1,216,954 shares of the company's stock valued at $28,331,000 after purchasing an additional 762,147 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Spyre Therapeutics by 89.4% during the third quarter. Wellington Management Group LLP now owns 1,507,200 shares of the company's stock worth $44,327,000 after purchasing an additional 711,254 shares during the last quarter. Finally, Boxer Capital Management LLC bought a new stake in shares of Spyre Therapeutics during the fourth quarter worth about $10,864,000. 80.39% of the stock is currently owned by institutional investors and hedge funds.

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).