Spyre Therapeutics (NASDAQ:SYRE) Stock Price Down 5% - Here's Why

Key Points

• Shares of Spyre Therapeutics (NASDAQ:SYRE) fell by 5% on Friday, closing at $20.11, with trading volume down 82% from the average.
• Wall Street analysts have mixed ratings for SYRE, with a consensus average target price of $54.29, while one firm recently downgraded the stock from "hold" to "sell."
• Institutional investors hold 80.39% of Spyre's stock, with several firms increasing their stakes significantly in recent quarters.

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report) were down 5% during trading on Friday . The company traded as low as $20.49 and last traded at $20.11. Approximately 111,746 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 619,154 shares. The stock had previously closed at $21.17.

Wall Street Analyst Weigh In

A number of equities analysts have commented on SYRE shares. Wall Street Zen cut shares of Spyre Therapeutics from a "hold" rating to a "sell" rating in a research note on Monday. BTIG Research restated a "buy" rating and issued a $70.00 price objective on shares of Spyre Therapeutics in a report on Tuesday, September 16th. Weiss Ratings restated a "sell (d-)" rating on shares of Spyre Therapeutics in a report on Wednesday. Wedbush restated an "outperform" rating and issued a $65.00 price objective on shares of Spyre Therapeutics in a report on Wednesday, August 6th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Spyre Therapeutics in a report on Friday, September 26th. They issued a "buy" rating and a $43.00 price objective for the company. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $54.29.

Spyre Therapeutics Trading Down 6.7%

The stock's fifty day moving average is $16.38 and its 200 day moving average is $15.64. The company has a market capitalization of $1.19 billion, a P/E ratio of -5.79 and a beta of 2.90.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported ($0.49) EPS for the quarter, beating analysts' consensus estimates of ($0.73) by $0.24. On average, analysts expect that Spyre Therapeutics, Inc. will post -4.46 EPS for the current fiscal year.

Insider Buying and Selling

In other Spyre Therapeutics news, CFO Scott L. Burrows sold 18,428 shares of the company's stock in a transaction on Tuesday, September 2nd. The shares were 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 directly owned 97,994 shares in the company, valued at approximately $1,593,382.44. This represents a 15.83% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 15.43% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. CWM LLC raised its holdings in Spyre Therapeutics by 357.8% in the 2nd quarter. CWM LLC now owns 1,712 shares of the company's stock worth $26,000 after purchasing an additional 1,338 shares in the last quarter. AlphaQuest LLC raised its holdings in Spyre Therapeutics by 45.2% in the 1st quarter. AlphaQuest LLC now owns 3,191 shares of the company's stock worth $51,000 after purchasing an additional 993 shares in the last quarter. GAMMA Investing LLC bought a new position in Spyre Therapeutics in the 1st quarter worth $70,000. Ameritas Investment Partners Inc. raised its holdings in Spyre Therapeutics by 25.8% in the 2nd 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 in the last quarter. Finally, Tower Research Capital LLC TRC raised its holdings in Spyre Therapeutics by 182.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 5,769 shares of the company's stock worth $86,000 after purchasing an additional 3,725 shares in the last quarter. 80.39% of the stock is currently owned by 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).

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