Spyre Therapeutics (NASDAQ:SYRE) Shares Down 3.5% – What’s Next?

Spyre Therapeutics, Inc. (NASDAQ:SYRE) shares were down 3.5% on Wednesday . The stock traded as low as $26.75 and last traded at $26.90. Approximately 32,118 shares were traded during trading, a decline of 94% from the average daily volume of 515,864 shares. The stock had previously closed at $27.88.

Analyst Ratings Changes

A number of research firms recently issued reports on SYRE. Evercore ISI started coverage on Spyre Therapeutics in a report on Tuesday, July 16th. They set an “outperform” rating on the stock. Wedbush assumed coverage on Spyre Therapeutics in a research note on Wednesday, September 4th. They issued an “outperform” rating and a $45.00 target price on the stock. Ten research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $43.43.

Spyre Therapeutics Stock Performance

The business has a 50 day moving average price of $27.53 and a 200-day moving average price of $30.78.

Spyre Therapeutics (NASDAQ:SYRE) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.86) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.90) by $0.04. As a group, research analysts anticipate that Spyre Therapeutics, Inc. will post -3.68 earnings per share for the current year.

Institutional Trading of Spyre Therapeutics

A number of institutional investors have recently added to or reduced their stakes in SYRE. Amalgamated Bank purchased a new position in Spyre Therapeutics in the second quarter valued at about $28,000. Quest Partners LLC purchased a new position in Spyre Therapeutics in the 2nd quarter valued at approximately $36,000. SG Americas Securities LLC purchased a new position in Spyre Therapeutics in the 2nd quarter valued at approximately $130,000. Carlyle Group Inc. acquired a new position in Spyre Therapeutics during the second quarter worth $227,000. Finally, Profund Advisors LLC purchased a new stake in Spyre Therapeutics during the second quarter worth $296,000. Hedge funds and other 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).