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

Spyre Therapeutics logo with Medical background
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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.

Check Out Our Latest Stock Report on SYRE

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.

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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

(Get Free Report)

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).

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