Spyre Therapeutics (NASDAQ:SYRE) Shares Gap Down - Should You Sell?

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report) gapped down prior to trading on Tuesday . The stock had previously closed at $28.67, but opened at $27.73. Spyre Therapeutics shares last traded at $26.85, with a volume of 830,115 shares traded.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Guggenheim lifted their target price on shares of Spyre Therapeutics from $50.00 to $65.00 and gave the company a "buy" rating in a research report on Friday, October 25th. Wedbush reiterated an "outperform" rating and issued a $45.00 target price on shares of Spyre Therapeutics in a research note on Friday, November 8th. Finally, Robert W. Baird upped 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. Ten analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Spyre Therapeutics currently has a consensus rating of "Buy" and a consensus target price of $48.57.

Spyre Therapeutics Stock Performance

The firm's fifty day simple moving average is $31.34 and its 200 day simple moving average is $30.31.

Institutional Trading of Spyre Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Teachers Retirement System of The State of Kentucky bought a new position in Spyre Therapeutics in the third quarter valued at $622,000. Geode Capital Management LLC boosted its stake in shares of Spyre Therapeutics by 16.4% during the 3rd quarter. Geode Capital Management LLC now owns 891,048 shares of the company's stock worth $26,211,000 after buying an additional 125,214 shares during the last quarter. Barclays PLC grew its holdings in shares of Spyre Therapeutics by 64.7% in the 3rd quarter. Barclays PLC now owns 105,467 shares of the company's stock valued at $3,101,000 after acquiring an additional 41,424 shares in the last quarter. Jane Street Group LLC increased its position in shares of Spyre Therapeutics by 78.7% in the third quarter. Jane Street Group LLC now owns 20,641 shares of the company's stock valued at $607,000 after acquiring an additional 9,090 shares during the last quarter. Finally, Wellington Management Group LLP raised its stake in shares of Spyre Therapeutics by 89.4% during the 3rd 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 in the last quarter. 80.39% of the stock is currently owned by institutional investors and hedge funds.

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).

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