Spyre Therapeutics (NASDAQ:SYRE) Shares Gap Down – Should You Sell?

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $28.67, but opened at $27.73. Spyre Therapeutics shares last traded at $26.85, with a volume of 830,115 shares.

Wall Street Analyst Weigh In

SYRE has been the topic of a number of analyst reports. Wedbush reissued an “outperform” rating and set a $45.00 price objective on shares of Spyre Therapeutics in a report on Friday, November 8th. Guggenheim lifted their price target on shares of Spyre Therapeutics from $50.00 to $65.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Finally, Robert W. Baird raised their target price on shares of Spyre Therapeutics from $50.00 to $65.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Ten investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Spyre Therapeutics presently has an average rating of “Buy” and an average target price of $48.57.

Spyre Therapeutics Stock Performance

The firm’s 50-day simple moving average is $31.28 and its 200-day simple moving average is $30.23. The company has a market capitalization of $1.41 billion, a price-to-earnings ratio of -3.68 and a beta of 2.90.

Hedge Funds Weigh In On Spyre Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in SYRE. SG Americas Securities LLC acquired a new stake in shares of Spyre Therapeutics during the 2nd quarter worth approximately $130,000. EFG Asset Management North America Corp. bought a new stake in Spyre Therapeutics in the 2nd quarter valued at $869,000. Bank of New York Mellon Corp bought a new position in shares of Spyre Therapeutics during the 2nd quarter worth about $2,767,000. Rhumbline Advisers bought a new stake in Spyre Therapeutics in the second quarter valued at about $1,220,000. Finally, TD Asset Management Inc acquired a new position in Spyre Therapeutics in the second quarter worth about $827,000. 80.39% of the stock is currently owned by 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).