Spyre Therapeutics (NASDAQ:SYRE) Stock Price Down 6.4% - What's Next?

Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report)'s share price traded down 6.4% during trading on Monday . The stock traded as low as $18.39 and last traded at $18.44. 100,273 shares were traded during mid-day trading, a decline of 82% from the average session volume of 551,055 shares. The stock had previously closed at $19.70.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Robert W. Baird increased their target price on Spyre Therapeutics from $50.00 to $65.00 and gave the stock an "outperform" rating in a research report on Wednesday, November 13th. The Goldman Sachs Group upgraded shares of Spyre Therapeutics to a "strong-buy" rating in a research report on Tuesday, February 18th. Finally, Wedbush restated an "outperform" rating and set a $65.00 target price on shares of Spyre Therapeutics in a research report on Monday, January 13th. Seven equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Spyre Therapeutics currently has a consensus rating of "Buy" and an average price target of $54.83.

Spyre Therapeutics Stock Performance

The firm has a market capitalization of $1.21 billion, a PE ratio of -2.65 and a beta of 2.98. The company has a fifty day moving average price of $22.07 and a 200-day moving average price of $26.66.

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

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Institutional Investors Weigh In On Spyre Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Driehaus Capital Management LLC boosted its holdings in shares of Spyre Therapeutics by 308.1% in the 4th quarter. Driehaus Capital Management LLC now owns 2,803,655 shares of the company's stock worth $65,269,000 after purchasing an additional 2,116,575 shares during the period. FMR LLC boosted its stake in Spyre Therapeutics by 15.4% during the fourth quarter. FMR LLC now owns 8,801,266 shares of the company's stock worth $204,893,000 after buying an additional 1,177,385 shares during the period. Jefferies Financial Group Inc. increased its position in 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 acquiring an additional 762,147 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of 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 acquiring an additional 711,254 shares during the period. Finally, Boxer Capital Management LLC bought a new stake in shares of Spyre Therapeutics in the 4th quarter worth about $10,864,000. 80.39% of the stock is currently owned by hedge funds and other institutional investors.

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).