Spyre Therapeutics (NASDAQ:SYRE) Stock Price Down 3.6% - What's Next?

Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report)'s share price was down 3.6% on Tuesday . The company traded as low as $13.22 and last traded at $13.09. Approximately 58,149 shares traded hands during trading, a decline of 90% from the average daily volume of 590,285 shares. The stock had previously closed at $13.57.

Analyst Ratings Changes

SYRE has been the topic of a number of recent research reports. Leerink Partnrs raised shares of Spyre Therapeutics to a "strong-buy" rating in a research report on Tuesday, April 8th. Leerink Partners started coverage on Spyre Therapeutics in a research note on Tuesday, April 8th. They set an "outperform" rating and a $45.00 target price for the company. Wolfe Research assumed coverage on Spyre Therapeutics in a research report on Tuesday, March 18th. They set an "outperform" rating and a $27.00 target price on the stock. Wedbush reissued an "outperform" rating and issued a $65.00 price target on shares of Spyre Therapeutics in a report on Monday, January 13th. Finally, The Goldman Sachs Group upgraded Spyre Therapeutics to a "strong-buy" rating in a report on Tuesday, February 18th. Eight analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $49.57.

Spyre Therapeutics Price Performance

The business's fifty day simple moving average is $16.57 and its 200 day simple moving average is $23.27. The stock has a market cap of $851.70 million, a price-to-earnings ratio of -1.89 and a beta of 3.05.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.81) earnings per share for the quarter, topping analysts' consensus estimates of ($0.89) by $0.08. As a group, equities analysts forecast that Spyre Therapeutics, Inc. will post -4.46 EPS for the current fiscal year.

Hedge Funds Weigh In On Spyre Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. GF Fund Management CO. LTD. bought a new position in shares of Spyre Therapeutics in the fourth quarter worth $29,000. Huntington National Bank bought a new position in Spyre Therapeutics in the 4th quarter valued at about $34,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Spyre Therapeutics during the 4th quarter valued at about $46,000. GAMMA Investing LLC bought a new stake in shares of Spyre Therapeutics during the 1st quarter worth about $70,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Spyre Therapeutics in the 4th quarter worth approximately $182,000. 80.39% of the stock is 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).