Spyre Therapeutics (NASDAQ:SYRE) Hits New 12-Month Low – Here’s Why

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s stock price reached a new 52-week low on Tuesday . The company traded as low as $16.13 and last traded at $16.14, with a volume of 740838 shares traded. The stock had previously closed at $17.94.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Wolfe Research started coverage on shares of Spyre Therapeutics in a research note on Tuesday, March 18th. They set an “outperform” rating and a $27.00 price objective for the company. Wedbush reissued an “outperform” rating and set a $65.00 price target on shares of Spyre Therapeutics in a research report on Monday, January 13th. Finally, The Goldman Sachs Group upgraded Spyre Therapeutics to a “strong-buy” rating in a report on Tuesday, February 18th. Seven equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $50.33.

Spyre Therapeutics Price Performance

The company has a market cap of $933.38 million, a PE ratio of -2.07 and a beta of 2.98. The company has a 50-day moving average price of $20.19 and a two-hundred day moving average price of $25.30.

Spyre Therapeutics (NASDAQ:SYRE) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.81) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.89) by $0.08. On average, equities research analysts anticipate that Spyre Therapeutics, Inc. will post -4.46 earnings per share for the current year.

Institutional Investors Weigh In On Spyre Therapeutics

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Barclays PLC grew its stake in shares of Spyre Therapeutics by 64.7% during the third quarter. Barclays PLC now owns 105,467 shares of the company’s stock valued at $3,101,000 after acquiring an additional 41,424 shares in the last quarter. China Universal Asset Management Co. Ltd. acquired a new stake in Spyre Therapeutics during the 4th quarter valued at approximately $290,000. Charles Schwab Investment Management Inc. increased its holdings in Spyre Therapeutics by 239.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 333,275 shares of the company’s stock worth $9,802,000 after purchasing an additional 235,094 shares during the last quarter. Victory Capital Management Inc. acquired a new position in shares of Spyre Therapeutics in the 4th quarter valued at approximately $6,241,000. Finally, Jane Street Group LLC boosted its stake in shares of Spyre Therapeutics by 78.7% during the 3rd quarter. Jane Street Group LLC now owns 20,641 shares of the company’s stock valued at $607,000 after buying an additional 9,090 shares during the last quarter. 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).