Spyre Therapeutics (NASDAQ:SYRE) Shares Down 7.7% - Should You Sell?

Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report)'s stock price traded down 7.7% on Monday . The company traded as low as $16.54 and last traded at $16.56. 237,802 shares traded hands during trading, a decline of 57% from the average session volume of 554,979 shares. The stock had previously closed at $17.94.

Wall Street Analyst Weigh In

SYRE has been the subject of a number of recent research reports. The Goldman Sachs Group raised shares of Spyre Therapeutics to a "strong-buy" rating in a research report on Tuesday, February 18th. Wolfe Research started coverage on Spyre Therapeutics in a research report on Tuesday, March 18th. They set an "outperform" rating and a $27.00 price target on the stock. Finally, Wedbush restated an "outperform" rating and set 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 given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Buy" and an average price target of $50.33.

Spyre Therapeutics Trading Down 8.6 %

The stock has a fifty day moving average of $19.85 and a 200-day moving average of $25.11. The firm has a market capitalization of $770.69 million, a price-to-earnings ratio of -1.71 and a beta of 3.05.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.81) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.89) by $0.08. As a group, equities research analysts forecast 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 added to or reduced their stakes in SYRE. Wellington Management Group LLP boosted its position in shares of Spyre Therapeutics by 6.5% in the fourth quarter. Wellington Management Group LLP now owns 1,604,508 shares of the company's stock worth $37,353,000 after buying an additional 97,308 shares during the period. California State Teachers Retirement System lifted its stake in Spyre Therapeutics by 32.1% in the 4th quarter. California State Teachers Retirement System now owns 32,598 shares of the company's stock worth $759,000 after acquiring an additional 7,923 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Spyre Therapeutics during the 4th quarter valued at about $2,844,000. GF Fund Management CO. LTD. acquired a new position in shares of Spyre Therapeutics in the 4th quarter valued at about $29,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Spyre Therapeutics by 85.2% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 48,981 shares of the company's stock valued at $1,140,000 after purchasing an additional 22,540 shares during the period. 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).