Spyre Therapeutics (NASDAQ:SYRE) Shares Down 4.6% - Here's Why

Key Points

• Spyre Therapeutics' stock price decreased by 4.6% during mid-day trading, closing at $14.93 after trading as low as $15.05.
• Analysts have mixed sentiments, with Wall Street Zen upgrading the stock to a "hold" rating and Wedbush maintaining an "outperform" rating with a price target of $65.00, while the average target price is $53.40.
• The company has recently experienced insider selling, with CFO Scott L. Burrows selling 18,428 shares, reducing his holdings by 15.83%.

Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report) shares fell 4.6% during mid-day trading on Monday . The stock traded as low as $15.05 and last traded at $14.93. 222,310 shares were traded during mid-day trading, a decline of 63% from the average session volume of 593,958 shares. The stock had previously closed at $15.65.

Analysts Set New Price Targets

Several brokerages have issued reports on SYRE. BTIG Research reissued a "buy" rating and issued a $70.00 price target on shares of Spyre Therapeutics in a research note on Tuesday. Wall Street Zen upgraded Spyre Therapeutics from a "sell" rating to a "hold" rating in a report on Monday, September 8th. Finally, Wedbush reiterated an "outperform" rating and set a $65.00 price target on shares of Spyre Therapeutics in a report on Wednesday, August 6th. Two research analysts have rated the stock with a Strong Buy rating and six have issued a Buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $56.17.

Spyre Therapeutics Trading Down 2.9%

The firm has a fifty day simple moving average of $16.42 and a two-hundred day simple moving average of $15.84. The stock has a market cap of $898.75 million, a PE ratio of -4.38 and a beta of 2.87.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported ($0.49) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.73) by $0.24. Equities analysts forecast that Spyre Therapeutics, Inc. will post -4.46 earnings per share for the current year.

Insider Activity at Spyre Therapeutics

In other news, CFO Scott L. Burrows sold 18,428 shares of the firm's stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $16.26, for a total value of $299,639.28. Following the completion of the transaction, the chief financial officer owned 97,994 shares in the company, valued at $1,593,382.44. This trade represents a 15.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 15.43% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of SYRE. CWM LLC raised its stake in shares of Spyre Therapeutics by 357.8% in the second quarter. CWM LLC now owns 1,712 shares of the company's stock worth $26,000 after purchasing an additional 1,338 shares during the last quarter. GF Fund Management CO. LTD. purchased a new position in shares of Spyre Therapeutics in the fourth quarter worth $29,000. AlphaQuest LLC raised its stake in shares of Spyre Therapeutics by 45.2% in the first quarter. AlphaQuest LLC now owns 3,191 shares of the company's stock worth $51,000 after purchasing an additional 993 shares during the last quarter. GAMMA Investing LLC purchased a new position in shares of Spyre Therapeutics in the first quarter worth $70,000. Finally, Ameritas Investment Partners Inc. raised its stake in shares of Spyre Therapeutics by 25.8% in the second quarter. Ameritas Investment Partners Inc. now owns 5,091 shares of the company's stock worth $76,000 after purchasing an additional 1,045 shares during the last quarter. Hedge funds and other institutional investors own 80.39% of the company's stock.

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).