Spyre Therapeutics (NASDAQ:SYRE) Shares Down 2.5% - Here's Why

Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report) fell 2.5% during trading on Tuesday . The company traded as low as $22.73 and last traded at $23.00. 48,749 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 527,322 shares. The stock had previously closed at $23.59.

Analyst Upgrades and Downgrades

Several research analysts recently commented on SYRE shares. Guggenheim raised their target price on Spyre Therapeutics from $50.00 to $65.00 and gave the stock a "buy" rating in a research report on Friday, October 25th. Robert W. Baird lifted their target price on shares of Spyre Therapeutics from $50.00 to $65.00 and gave the company an "outperform" rating in a research report on Wednesday, November 13th. Finally, Wedbush reissued an "outperform" rating and issued a $45.00 price target on shares of Spyre Therapeutics in a research report on Friday, November 8th. Seven analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $51.50.

Spyre Therapeutics Stock Down 1.1 %

The stock has a fifty day moving average of $29.95 and a 200-day moving average of $28.64. The firm has a market capitalization of $1.20 billion, a P/E ratio of -3.12 and a beta of 2.82.

Institutional Trading of Spyre Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of SYRE. Avoro Capital Advisors LLC bought a new stake in Spyre Therapeutics during the 2nd quarter worth about $43,238,000. Assenagon Asset Management S.A. bought a new stake in shares of Spyre Therapeutics during the third quarter worth approximately $33,609,000. Wellington Management Group LLP lifted its holdings in Spyre Therapeutics by 89.4% in the third quarter. Wellington Management Group LLP now owns 1,507,200 shares of the company's stock valued at $44,327,000 after buying an additional 711,254 shares during the period. Driehaus Capital Management LLC bought a new position in Spyre Therapeutics in the second quarter valued at approximately $16,153,000. Finally, Farallon Capital Management LLC acquired a new stake in Spyre Therapeutics during the 2nd quarter worth $15,658,000. Institutional investors and hedge funds 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).