Spyre Therapeutics (NASDAQ:SYRE) Shares Down 6.4% - Here's What Happened

Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report) shares were down 6.4% during mid-day trading on Tuesday . The company traded as low as $18.00 and last traded at $17.80. Approximately 153,785 shares traded hands during trading, a decline of 72% from the average daily volume of 547,764 shares. The stock had previously closed at $19.02.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Wolfe Research started 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 on the stock. The Goldman Sachs Group upgraded Spyre Therapeutics to a "strong-buy" rating in a report on Tuesday, February 18th. Finally, Wedbush restated an "outperform" rating and issued a $65.00 price objective on shares of Spyre Therapeutics in a research report on Monday, January 13th. Seven research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $50.33.

Spyre Therapeutics Trading Up 1.4 %

The company has a market cap of $1.08 billion, a PE ratio of -2.40 and a beta of 2.98. The business has a 50 day simple moving average of $20.54 and a two-hundred day simple moving average of $25.58.

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

Hedge Funds Weigh In On Spyre Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of SYRE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Spyre Therapeutics by 4.2% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,741 shares of the company's stock valued at $527,000 after buying an additional 916 shares during the period. GF Fund Management CO. LTD. acquired a new position in Spyre Therapeutics in the fourth quarter valued at $29,000. MetLife Investment Management LLC grew its position in Spyre Therapeutics by 6.2% during the fourth quarter. MetLife Investment Management LLC now owns 21,382 shares of the company's stock valued at $498,000 after acquiring an additional 1,250 shares during the period. Huntington National Bank acquired a new stake in Spyre Therapeutics during the fourth quarter worth about $34,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Spyre Therapeutics in the 4th quarter worth about $46,000. Institutional investors and hedge funds own 80.39% of the company's stock.

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).