Spyre Therapeutics (NASDAQ:SYRE) Trading Down 5.2%

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) fell 5.2% during trading on Tuesday . The company traded as low as $26.27 and last traded at $26.41. 119,553 shares were traded during trading, a decline of 77% from the average session volume of 511,865 shares. The stock had previously closed at $27.85.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SYRE. Evercore ISI started coverage on shares of Spyre Therapeutics in a research note on Tuesday, July 16th. They issued an “outperform” rating on the stock. BTIG Research raised their target price on Spyre Therapeutics from $32.00 to $40.00 and gave the company a “buy” rating in a report on Friday, May 10th. Robert W. Baird initiated coverage on Spyre Therapeutics in a research report on Thursday, May 2nd. They set an “outperform” rating and a $50.00 target price on the stock. Finally, Wells Fargo & Company increased their price target on Spyre Therapeutics from $35.00 to $40.00 and gave the company an “overweight” rating in a research report on Monday, May 13th. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat, Spyre Therapeutics has a consensus rating of “Buy” and a consensus target price of $43.17.

Spyre Therapeutics Price Performance

The company has a market capitalization of $1.08 billion, a P/E ratio of -0.37 and a beta of 2.93. The firm has a fifty day moving average price of $27.46 and a 200-day moving average price of $31.48.

Spyre Therapeutics (NASDAQ:SYRE) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($0.86) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.90) by $0.04. On average, research analysts forecast that Spyre Therapeutics, Inc. will post -3.82 EPS for the current year.

Institutional Trading of Spyre Therapeutics

Several hedge funds have recently added to or reduced their stakes in SYRE. Perceptive Advisors LLC grew its position in shares of Spyre Therapeutics by 18.6% during the 2nd quarter. Perceptive Advisors LLC now owns 3,031,018 shares of the company’s stock valued at $71,259,000 after acquiring an additional 474,339 shares during the period. Avoro Capital Advisors LLC bought a new position in Spyre Therapeutics during the second quarter valued at $43,238,000. Driehaus Capital Management LLC bought a new stake in Spyre Therapeutics in the 2nd quarter valued at about $16,153,000. Farallon Capital Management LLC purchased a new position in shares of Spyre Therapeutics in the second quarter worth about $15,658,000. Finally, Logos Global Management LP bought a new stake in shares of Spyre Therapeutics in the second quarter valued at approximately $13,518,000. Institutional investors own 80.39% of the company’s stock.

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).