Spyre Therapeutics (NASDAQ:SYRE) Shares Down 5.8% - Here's Why

Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report) shares fell 5.8% during trading on Monday . The company traded as low as $14.33 and last traded at $14.23. 42,760 shares changed hands during trading, a decline of 93% from the average session volume of 598,864 shares. The stock had previously closed at $15.11.

Analyst Ratings Changes

Several research analysts recently weighed in on the stock. Leerink Partners assumed coverage on shares of Spyre Therapeutics in a research note on Tuesday, April 8th. They issued an "outperform" rating and a $45.00 target price for the company. Wedbush reissued an "outperform" rating and issued a $65.00 price objective on shares of Spyre Therapeutics in a research report on Monday, May 5th. The Goldman Sachs Group upgraded shares of Spyre Therapeutics to a "strong-buy" rating in a research report on Tuesday, February 18th. Leerink Partnrs upgraded Spyre Therapeutics to a "strong-buy" rating in a report on Tuesday, April 8th. Finally, Wolfe Research assumed coverage on Spyre Therapeutics in a report on Tuesday, March 18th. They set an "outperform" rating and a $27.00 price objective on the stock. Eight research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $49.57.

Spyre Therapeutics Trading Up 9.6 %

The firm has a market capitalization of $849.89 million, a PE ratio of -1.89 and a beta of 2.78. The firm has a 50-day moving average of $15.37 and a two-hundred day moving average of $22.05.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.74) earnings per share for the quarter, beating the consensus estimate of ($0.76) by $0.02. Equities research analysts expect that Spyre Therapeutics, Inc. will post -4.46 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Spyre Therapeutics

A number of large investors have recently modified their holdings of SYRE. Barclays PLC lifted its position in Spyre Therapeutics by 64.7% during the 3rd quarter. Barclays PLC now owns 105,467 shares of the company's stock worth $3,101,000 after acquiring an additional 41,424 shares in the last quarter. Franklin Resources Inc. lifted its position in shares of Spyre Therapeutics by 2.5% during the third quarter. Franklin Resources Inc. now owns 760,666 shares of the company's stock worth $23,322,000 after purchasing an additional 18,762 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Spyre Therapeutics by 29.4% in the third quarter. JPMorgan Chase & Co. now owns 29,473 shares of the company's stock valued at $867,000 after purchasing an additional 6,701 shares during the period. China Universal Asset Management Co. Ltd. acquired a new stake in Spyre Therapeutics during the 4th quarter valued at $290,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in Spyre Therapeutics during the 4th quarter valued at $46,000. Institutional investors and hedge funds 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).