Spyre Therapeutics (NASDAQ:SYRE) Stock Price Down 2.4%

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) fell 2.4% during mid-day trading on Thursday . The company traded as low as $27.36 and last traded at $27.36. 5,092 shares changed hands during mid-day trading, a decline of 99% from the average session volume of 509,419 shares. The stock had previously closed at $28.03.

Analyst Ratings Changes

A number of research firms have weighed in on SYRE. BTIG Research boosted their price objective on Spyre Therapeutics from $32.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. Evercore ISI initiated coverage on Spyre Therapeutics in a report on Tuesday, July 16th. They issued an “outperform” rating on the stock. Robert W. Baird started coverage on shares of Spyre Therapeutics in a report on Thursday, May 2nd. They issued an “outperform” rating and a $50.00 price objective for the company. Finally, Wells Fargo & Company increased their target price on shares of Spyre Therapeutics from $35.00 to $40.00 and gave the stock an “overweight” rating in a report on Monday, May 13th. Nine equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $43.17.

Spyre Therapeutics Stock Performance

The company has a market capitalization of $1.14 billion, a price-to-earnings ratio of -0.39 and a beta of 2.93. The business has a 50-day simple moving average of $26.87 and a two-hundred day simple moving average of $31.53.

Spyre Therapeutics (NASDAQ:SYRE) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($0.86) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.90) by $0.04. Research analysts predict that Spyre Therapeutics, Inc. will post -3.82 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in SYRE. EFG Asset Management North America Corp. purchased a new position in shares of Spyre Therapeutics during the 2nd quarter worth approximately $869,000. SG Americas Securities LLC acquired a new position in Spyre Therapeutics during the second quarter worth $130,000. Great Point Partners LLC acquired a new stake in Spyre Therapeutics in the second quarter valued at $3,165,000. Avoro Capital Advisors LLC purchased a new stake in shares of Spyre Therapeutics during the 2nd quarter worth $43,238,000. Finally, HighVista Strategies LLC purchased a new position in shares of Spyre Therapeutics in the 2nd quarter valued at about $2,670,000. 80.39% of the stock is owned by hedge funds and other institutional investors.

Spyre Therapeutics Company Profile

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).