Spyre Therapeutics (NASDAQ:SYRE) Trading Down 7.8% - Here's What Happened

Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report) shares dropped 7.8% during trading on Tuesday . The stock traded as low as $15.29 and last traded at $15.14. Approximately 180,474 shares traded hands during mid-day trading, a decline of 69% from the average daily volume of 576,339 shares. The stock had previously closed at $16.41.

Analysts Set New Price Targets

SYRE has been the topic of several recent analyst reports. Leerink Partners initiated coverage on Spyre Therapeutics in a report on Tuesday, April 8th. They issued an "outperform" rating and a $45.00 target price on the stock. Wedbush reissued an "outperform" rating and issued a $65.00 target price on shares of Spyre Therapeutics in a report on Monday, May 5th. Finally, Leerink Partnrs upgraded shares of Spyre Therapeutics to a "strong-buy" rating in a research report on Tuesday, April 8th. Five equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $53.40.

Spyre Therapeutics Stock Performance

The firm's 50-day moving average is $15.73 and its two-hundred day moving average is $17.62. The stock has a market cap of $1.00 billion, a P/E ratio of -4.41 and a beta of 2.68.

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

Institutional Trading of Spyre Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the business. Woodline Partners LP raised its position in shares of Spyre Therapeutics by 31.8% during the 1st quarter. Woodline Partners LP now owns 464,808 shares of the company's stock valued at $7,500,000 after acquiring an additional 112,128 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Spyre Therapeutics by 18.8% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 27,018 shares of the company's stock valued at $442,000 after buying an additional 4,277 shares during the period. ADAR1 Capital Management LLC acquired a new position in shares of Spyre Therapeutics in the 1st quarter valued at $243,000. Paradigm Biocapital Advisors LP grew its holdings in shares of Spyre Therapeutics by 39.3% in the 1st quarter. Paradigm Biocapital Advisors LP now owns 2,127,205 shares of the company's stock valued at $34,322,000 after buying an additional 600,000 shares during the period. Finally, Corebridge Financial Inc. grew its holdings in shares of Spyre Therapeutics by 13.8% in the 1st quarter. Corebridge Financial Inc. now owns 19,595 shares of the company's stock valued at $316,000 after buying an additional 2,382 shares during the period. 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).