Spyre Therapeutics (NASDAQ:SYRE) Shares Down 6.7% – Here’s What Happened

Spyre Therapeutics, Inc. (NASDAQ:SYRE) shares traded down 6.7% on Friday . The stock traded as low as $21.29 and last traded at $20.92. 91,521 shares traded hands during mid-day trading, a decline of 84% from the average session volume of 559,948 shares. The stock had previously closed at $22.41.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Robert W. Baird increased their price target 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. Wedbush reiterated an “outperform” rating and issued a $65.00 price target on shares of Spyre Therapeutics in a research report on Monday, January 13th. Finally, The Goldman Sachs Group upgraded shares of Spyre Therapeutics to a “strong-buy” rating in a research report on Tuesday, February 18th. Seven research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $54.83.

Spyre Therapeutics Stock Performance

The stock has a market capitalization of $1.09 billion, a P/E ratio of -2.85 and a beta of 2.85. The company’s 50-day moving average price is $22.78 and its 200 day moving average price is $26.98.

Institutional Trading of Spyre Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the company. FMR LLC raised its position in shares of Spyre Therapeutics by 15.4% during the 4th quarter. FMR LLC now owns 8,801,266 shares of the company’s stock valued at $204,893,000 after purchasing an additional 1,177,385 shares during the period. RTW Investments LP raised its position in shares of Spyre Therapeutics by 11.2% during the 4th quarter. RTW Investments LP now owns 3,621,996 shares of the company’s stock valued at $84,320,000 after purchasing an additional 363,636 shares during the period. Vanguard Group Inc. raised its position in shares of Spyre Therapeutics by 13.1% during the 4th quarter. Vanguard Group Inc. now owns 2,846,473 shares of the company’s stock valued at $66,266,000 after purchasing an additional 330,553 shares during the period. Driehaus Capital Management LLC raised its position in shares of Spyre Therapeutics by 308.1% during the 4th quarter. Driehaus Capital Management LLC now owns 2,803,655 shares of the company’s stock valued at $65,269,000 after purchasing an additional 2,116,575 shares during the period. Finally, Braidwell LP raised its position in shares of Spyre Therapeutics by 17.7% during the 4th quarter. Braidwell LP now owns 2,578,404 shares of the company’s stock valued at $60,025,000 after purchasing an additional 388,568 shares during the period. 80.39% of the stock is currently owned by institutional investors.

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).