Spyre Therapeutics (NASDAQ:SYRE) Stock Price Down 5.3% - What's Next?

Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report) shares traded down 5.3% during mid-day trading on Thursday . The stock traded as low as $20.55 and last traded at $20.52. 445,155 shares traded hands during trading, a decline of 19% from the average session volume of 550,368 shares. The stock had previously closed at $21.66.

Analyst Upgrades and Downgrades

SYRE has been the subject of a number of analyst reports. Wedbush restated an "outperform" rating and issued a $65.00 price target on shares of Spyre Therapeutics in a research note on Monday. Guggenheim boosted their target price on shares of Spyre Therapeutics from $50.00 to $65.00 and gave the stock a "buy" rating in a report on Friday, October 25th. Finally, Robert W. Baird increased their price target on shares of Spyre Therapeutics from $50.00 to $65.00 and gave the company an "outperform" rating in a research note on Wednesday, November 13th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $54.83.

Spyre Therapeutics Price Performance

The company's 50-day moving average price is $26.50 and its two-hundred day moving average price is $28.11. The company has a market capitalization of $1.06 billion, a P/E ratio of -2.75 and a beta of 2.86.

Institutional Investors Weigh In On Spyre Therapeutics

A number of institutional investors have recently made changes to their positions in the company. Amalgamated Bank bought a new position in shares of Spyre Therapeutics during the second quarter worth approximately $28,000. Quest Partners LLC bought a new position in Spyre Therapeutics during the 2nd quarter worth $36,000. The Manufacturers Life Insurance Company lifted its holdings in shares of Spyre Therapeutics by 15.0% during the third quarter. The Manufacturers Life Insurance Company now owns 43,460 shares of the company's stock worth $1,278,000 after buying an additional 5,678 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of Spyre Therapeutics by 29.4% during the third quarter. JPMorgan Chase & Co. now owns 29,473 shares of the company's stock worth $867,000 after buying an additional 6,701 shares in the last quarter. Finally, SG Americas Securities LLC boosted its position in shares of Spyre Therapeutics by 127.0% in the third quarter. SG Americas Securities LLC now owns 12,589 shares of the company's stock valued at $370,000 after acquiring an additional 7,044 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).

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