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

Spyre Therapeutics logo with Medical background

Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report)'s share price fell 5.8% during mid-day trading on Monday . The stock 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

A number of brokerages recently weighed in on SYRE. Wedbush reissued an "outperform" rating and issued a $65.00 price target on shares of Spyre Therapeutics in a report on Monday. Leerink Partnrs upgraded shares of Spyre Therapeutics to a "strong-buy" rating in a research note on Tuesday, April 8th. The Goldman Sachs Group raised shares of Spyre Therapeutics to a "strong-buy" rating in a report on Tuesday, February 18th. Wolfe Research started coverage on Spyre Therapeutics in a report on Tuesday, March 18th. They set an "outperform" rating and a $27.00 price objective for the company. Finally, Leerink Partners began coverage on Spyre Therapeutics in a research note on Tuesday, April 8th. They issued an "outperform" rating and a $45.00 target price on the stock. Eight investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus price target of $49.57.

Get Our Latest Analysis on Spyre Therapeutics

Spyre Therapeutics Stock Performance

The firm has a market cap of $852.97 million, a P/E ratio of -1.90 and a beta of 2.78. The firm has a 50 day simple moving average of $15.91 and a 200 day simple moving average of $22.67.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($0.81) EPS for the quarter, beating the consensus estimate of ($0.89) by $0.08. Sell-side analysts predict that Spyre Therapeutics, Inc. will post -4.46 EPS for the current fiscal year.

Hedge Funds Weigh In On Spyre Therapeutics

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SYRE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in shares of Spyre Therapeutics by 4.2% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,741 shares of the company's stock worth $527,000 after purchasing an additional 916 shares during the last quarter. GF Fund Management CO. LTD. bought a new position in Spyre Therapeutics in the fourth quarter valued at $29,000. MetLife Investment Management LLC raised its position in Spyre Therapeutics by 6.2% during the fourth quarter. MetLife Investment Management LLC now owns 21,382 shares of the company's stock valued at $498,000 after purchasing an additional 1,250 shares in the last quarter. Huntington National Bank bought a new stake in Spyre Therapeutics during the fourth quarter worth about $34,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Spyre Therapeutics in the 4th quarter worth about $46,000. 80.39% of the stock is currently owned by hedge funds and other institutional investors.

About Spyre Therapeutics

(Get Free Report)

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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This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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