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

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s stock price dropped 9.2% on Friday . The company traded as low as $21.65 and last traded at $21.80. Approximately 138,307 shares were traded during 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 research analysts have issued reports on the stock. Robert W. Baird raised their price objective on shares of Spyre Therapeutics from $50.00 to $65.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Guggenheim raised their price target on Spyre Therapeutics from $50.00 to $65.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Finally, Wedbush reaffirmed an “outperform” rating and set a $45.00 price objective on shares of Spyre Therapeutics in a research note on Friday, November 8th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, Spyre Therapeutics presently has a consensus rating of “Buy” and a consensus price target of $51.50.

Spyre Therapeutics Price Performance

The firm has a market capitalization of $1.16 billion, a price-to-earnings ratio of -3.01 and a beta of 2.86. The business’s 50 day moving average price is $27.39 and its 200-day moving average price is $28.15.

Hedge Funds Weigh In On Spyre Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Driehaus Capital Management LLC acquired a new stake in shares of Spyre Therapeutics in the 2nd quarter valued at approximately $16,153,000. Ensign Peak Advisors Inc purchased a new stake in shares of Spyre Therapeutics during the 2nd quarter worth $1,939,000. Barclays PLC grew its stake in shares of Spyre Therapeutics by 64.7% during the 3rd quarter. Barclays PLC now owns 105,467 shares of the company’s stock worth $3,101,000 after purchasing an additional 41,424 shares during the period. Bank of New York Mellon Corp acquired a new position in shares of Spyre Therapeutics during the 2nd quarter worth $2,767,000. Finally, Rhumbline Advisers purchased a new position in shares of Spyre Therapeutics in the 2nd quarter valued at about $1,220,000. Institutional investors and hedge funds 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).