Spyre Therapeutics (NASDAQ:SYRE) Stock Price Down 9.2% – Here’s What Happened

Spyre Therapeutics, Inc. (NASDAQ:SYRE) shares were down 9.2% during trading on Friday . The stock traded as low as $21.65 and last traded at $21.80. Approximately 138,307 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 465,685 shares. The stock had previously closed at $24.02.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Wedbush reiterated an “outperform” rating and issued a $45.00 target price on shares of Spyre Therapeutics in a research report on Friday, November 8th. Guggenheim lifted their price objective on Spyre Therapeutics from $50.00 to $65.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Finally, Robert W. Baird lifted their price target on Spyre Therapeutics from $50.00 to $65.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Spyre Therapeutics has a consensus rating of “Buy” and an average price target of $51.50.

Spyre Therapeutics Trading Down 7.6 %

The stock’s fifty day simple moving average is $27.62 and its 200 day simple moving average is $28.12. The company has a market cap of $1.14 billion, a price-to-earnings ratio of -2.97 and a beta of 2.86.

Institutional Trading of Spyre Therapeutics

Several institutional investors have recently made changes to their positions in SYRE. Driehaus Capital Management LLC acquired a new stake in Spyre Therapeutics in the 2nd quarter valued at approximately $16,153,000. Ensign Peak Advisors Inc purchased a new stake in Spyre Therapeutics during the second quarter worth about $1,939,000. Barclays PLC boosted its position in Spyre Therapeutics by 64.7% in the 3rd quarter. Barclays PLC now owns 105,467 shares of the company’s stock valued at $3,101,000 after buying an additional 41,424 shares during the period. Bank of New York Mellon Corp purchased a new stake in shares of Spyre Therapeutics during the second quarter worth $2,767,000. Finally, Rhumbline Advisers acquired a new stake in shares of Spyre Therapeutics in the second quarter valued at $1,220,000. Hedge funds and other institutional investors 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).