Spyre Therapeutics (NASDAQ:SYRE) Trading Down 9.2% – Here’s Why

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) dropped 9.2% on Friday . The stock traded as low as $21.65 and last traded at $21.80. Approximately 138,307 shares changed hands 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.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Guggenheim upped their price objective on shares of Spyre Therapeutics from $50.00 to $65.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Robert W. Baird increased their target price on Spyre Therapeutics from $50.00 to $65.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Finally, Wedbush reissued an “outperform” rating and issued a $45.00 price target on shares of Spyre Therapeutics in a research report on Friday, November 8th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and an average price target of $51.50.

Spyre Therapeutics Stock Down 7.6 %

The business has a 50-day moving average price of $27.62 and a 200-day moving average price of $28.12. The firm has a market capitalization of $1.14 billion, a price-to-earnings ratio of -2.97 and a beta of 2.86.

Hedge Funds Weigh In On Spyre Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of SYRE. JPMorgan Chase & Co. raised its holdings in shares of Spyre Therapeutics by 29.4% in the third quarter. JPMorgan Chase & Co. now owns 29,473 shares of the company’s stock worth $867,000 after buying an additional 6,701 shares during the last quarter. Franklin Resources Inc. raised its stake in Spyre Therapeutics by 2.5% in the 3rd quarter. Franklin Resources Inc. now owns 760,666 shares of the company’s stock worth $23,322,000 after acquiring an additional 18,762 shares during the last quarter. Teachers Retirement System of The State of Kentucky acquired a new stake in Spyre Therapeutics during the 3rd quarter worth about $622,000. Geode Capital Management LLC grew its stake in Spyre Therapeutics by 16.4% during the 3rd quarter. Geode Capital Management LLC now owns 891,048 shares of the company’s stock valued at $26,211,000 after purchasing an additional 125,214 shares during the last quarter. Finally, Barclays PLC increased its holdings in shares of Spyre Therapeutics by 64.7% in the third quarter. Barclays PLC now owns 105,467 shares of the company’s stock valued at $3,101,000 after purchasing an additional 41,424 shares during the period. 80.39% of the stock is owned by hedge funds and other 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).