Gyre Therapeutics (NASDAQ:GYRE) Stock Price Down 6% - Here's What Happened

Gyre Therapeutics, Inc. (NASDAQ:GYRE - Get Free Report)'s share price dropped 6% on Wednesday . The company traded as low as $8.60 and last traded at $8.46. Approximately 139,382 shares were traded during mid-day trading, an increase of 15% from the average daily volume of 121,502 shares. The stock had previously closed at $9.00.

Analysts Set New Price Targets

Separately, Noble Financial initiated coverage on shares of Gyre Therapeutics in a report on Tuesday, March 11th. They issued an "outperform" rating on the stock.

Gyre Therapeutics Stock Performance

The business's fifty day moving average price is $9.06 and its two-hundred day moving average price is $10.26. The stock has a market capitalization of $784.75 million, a P/E ratio of 418.50 and a beta of 1.79.

Gyre Therapeutics (NASDAQ:GYRE - Get Free Report) last posted its earnings results on Friday, May 9th. The company reported $0.03 earnings per share for the quarter, hitting analysts' consensus estimates of $0.03. Gyre Therapeutics had a negative net margin of 84.57% and a negative return on equity of 118.43%. The firm had revenue of $22.06 million for the quarter, compared to the consensus estimate of $28.40 million.

Hedge Funds Weigh In On Gyre Therapeutics

Hedge funds have recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. bought a new position in Gyre Therapeutics during the 4th quarter valued at about $1,225,000. Barclays PLC grew its holdings in Gyre Therapeutics by 13.5% during the 4th quarter. Barclays PLC now owns 10,543 shares of the company's stock valued at $128,000 after purchasing an additional 1,255 shares during the last quarter. Wells Fargo & Company MN grew its holdings in Gyre Therapeutics by 29.4% during the 4th quarter. Wells Fargo & Company MN now owns 4,016 shares of the company's stock valued at $49,000 after purchasing an additional 913 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in Gyre Therapeutics by 11.1% during the 4th quarter. Bank of New York Mellon Corp now owns 13,896 shares of the company's stock valued at $168,000 after purchasing an additional 1,389 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in Gyre Therapeutics by 9.1% during the 4th quarter. Northern Trust Corp now owns 103,382 shares of the company's stock valued at $1,251,000 after purchasing an additional 8,624 shares during the last quarter. 23.99% of the stock is currently owned by institutional investors.

Gyre Therapeutics Company Profile

Gyre Therapeutics, Inc, a biopharmaceutical company, primarily focuses on the development and commercialization of Hydronidone for the treatment of Metabolic Dysfunction Associated Steatohepatitis in the United States. Its Hydronidone is also being evaluated for the treatment of liver fibrosis across a spectrum of chronic liver diseases.