Spyre Therapeutics (NASDAQ:SYRE) Shares Down 7.7% - Here's What Happened

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report) dropped 7.7% on Tuesday . The company traded as low as $16.33 and last traded at $15.85. Approximately 217,607 shares traded hands during trading, a decline of 65% from the average daily volume of 614,384 shares. The stock had previously closed at $17.18.

Analyst Upgrades and Downgrades

SYRE has been the subject of several recent research reports. Wolfe Research started coverage on shares of Spyre Therapeutics in a research report on Tuesday, March 18th. They issued an "outperform" rating and a $27.00 price objective for the company. Leerink Partnrs raised shares of Spyre Therapeutics to a "strong-buy" rating in a research report on Tuesday, April 8th. Wedbush reiterated an "outperform" rating and issued a $65.00 price target on shares of Spyre Therapeutics in a report on Monday, May 5th. Finally, Leerink Partners started coverage on Spyre Therapeutics in a research note on Tuesday, April 8th. They set an "outperform" rating and a $45.00 price objective on the stock. Six analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $53.40.

Spyre Therapeutics Price Performance

The firm has a market capitalization of $904.80 million, a price-to-earnings ratio of -3.98 and a beta of 2.72. The business's 50-day moving average price is $14.98 and its 200 day moving average price is $18.79.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.74) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.76) by $0.02. As a group, sell-side analysts expect that Spyre Therapeutics, Inc. will post -4.46 earnings per share for the current year.

Institutional Trading of Spyre Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Spyre Therapeutics by 4.2% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,741 shares of the company's stock valued at $527,000 after purchasing an additional 916 shares during the last quarter. AlphaQuest LLC raised its position in shares of Spyre Therapeutics by 45.2% in the 1st quarter. AlphaQuest LLC now owns 3,191 shares of the company's stock valued at $51,000 after purchasing an additional 993 shares in the last quarter. GF Fund Management CO. LTD. purchased a new position in shares of Spyre Therapeutics during the 4th quarter valued at approximately $29,000. MetLife Investment Management LLC grew its position in shares of Spyre Therapeutics by 6.2% during the fourth quarter. MetLife Investment Management LLC now owns 21,382 shares of the company's stock worth $498,000 after buying an additional 1,250 shares in the last quarter. Finally, Huntington National Bank acquired a new stake in shares of Spyre Therapeutics during the fourth quarter worth approximately $34,000. 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).