Spyre Therapeutics (NASDAQ:SYRE) Stock Price Down 6.7% - Should You Sell?

Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report)'s stock price dropped 6.7% on Friday . The company traded as low as $21.29 and last traded at $20.92. Approximately 91,521 shares were traded during mid-day trading, a decline of 84% from the average daily volume of 559,948 shares. The stock had previously closed at $22.41.

Analysts Set New Price Targets

SYRE has been the topic of a number of analyst reports. The Goldman Sachs Group raised Spyre Therapeutics to a "strong-buy" rating in a research note on Tuesday, February 18th. Wedbush reissued an "outperform" rating and issued a $65.00 target price on shares of Spyre Therapeutics in a research report on Monday, January 13th. Finally, Robert W. Baird upped their price target on shares of Spyre Therapeutics from $50.00 to $65.00 and gave the company an "outperform" rating in a research report on Wednesday, November 13th. Seven equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average price target of $54.83.

Spyre Therapeutics Trading Down 1.5 %

The company has a market cap of $1.08 billion, a price-to-earnings ratio of -2.79 and a beta of 2.85. The business has a fifty day moving average price of $22.78 and a two-hundred day moving average price of $27.00.

Hedge Funds Weigh In On Spyre Therapeutics

A number of hedge funds have recently modified their holdings of the stock. GF Fund Management CO. LTD. purchased a new position in Spyre Therapeutics in the fourth quarter valued at about $29,000. Huntington National Bank acquired a new stake in shares of Spyre Therapeutics during the 4th quarter valued at about $34,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Spyre Therapeutics in the 4th quarter valued at approximately $46,000. Quest Partners LLC increased its holdings in Spyre Therapeutics by 271.2% in the third quarter. Quest Partners LLC now owns 5,654 shares of the company's stock worth $166,000 after buying an additional 4,131 shares during the last quarter. Finally, KLP Kapitalforvaltning AS bought a new position in Spyre Therapeutics during the fourth quarter valued at approximately $182,000. 80.39% of the stock is owned by institutional investors and hedge funds.

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).