Spyre Therapeutics (NASDAQ:SYRE) Trading Down 3.6% - Here's Why

Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report)'s share price was down 3.6% during trading on Tuesday . The stock traded as low as $13.22 and last traded at $13.09. 58,149 shares traded hands during trading, a decline of 90% from the average session volume of 590,285 shares. The stock had previously closed at $13.57.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Leerink Partners assumed coverage on shares of Spyre Therapeutics in a research note on Tuesday, April 8th. They set an "outperform" rating and a $45.00 target price on the stock. Wolfe Research began coverage on Spyre Therapeutics in a research note on Tuesday, March 18th. They issued an "outperform" rating and a $27.00 price objective for the company. Leerink Partnrs upgraded shares of Spyre Therapeutics to a "strong-buy" rating in a report on Tuesday, April 8th. Wedbush reaffirmed an "outperform" rating and set a $65.00 target price on shares of Spyre Therapeutics in a research report on Monday, January 13th. Finally, The Goldman Sachs Group raised shares of Spyre Therapeutics to a "strong-buy" rating in a research report on Tuesday, February 18th. Eight analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, Spyre Therapeutics currently has an average rating of "Buy" and a consensus price target of $49.57.

Spyre Therapeutics Stock Down 1.1 %

The stock's fifty day moving average price is $17.24 and its two-hundred day moving average price is $23.61. The company has a market capitalization of $808.84 million, a PE ratio of -1.80 and a beta of 3.05.

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

Institutional Trading of Spyre Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the business. FMR LLC increased its stake in shares of Spyre Therapeutics by 15.4% during the fourth quarter. FMR LLC now owns 8,801,266 shares of the company's stock valued at $204,893,000 after purchasing an additional 1,177,385 shares in the last quarter. RTW Investments LP boosted its holdings in Spyre Therapeutics by 11.2% in the fourth quarter. RTW Investments LP now owns 3,621,996 shares of the company's stock worth $84,320,000 after acquiring an additional 363,636 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Spyre Therapeutics by 13.1% during the fourth quarter. Vanguard Group Inc. now owns 2,846,473 shares of the company's stock valued at $66,266,000 after acquiring an additional 330,553 shares in the last quarter. Driehaus Capital Management LLC raised its position 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 last quarter. Finally, Braidwell LP raised its position in shares of Spyre Therapeutics by 17.7% in the 4th quarter. Braidwell LP now owns 2,578,404 shares of the company's stock worth $60,025,000 after purchasing an additional 388,568 shares during the last quarter. 80.39% of the stock is owned by hedge funds and other institutional investors.

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).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.