Spyre Therapeutics (NASDAQ:SYRE) Shares Down 4.5%

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s share price traded down 4.5% on Friday . The stock traded as low as $26.79 and last traded at $26.79. 26,110 shares traded hands during mid-day trading, a decline of 95% from the average session volume of 505,339 shares. The stock had previously closed at $28.04.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Evercore ISI assumed coverage on shares of Spyre Therapeutics in a research note on Tuesday, July 16th. They issued an “outperform” rating for the company. Wells Fargo & Company boosted their target price on shares of Spyre Therapeutics from $35.00 to $40.00 and gave the company an “overweight” rating in a research report on Monday, May 13th. Wedbush started coverage on shares of Spyre Therapeutics in a research report on Wednesday. They issued an “outperform” rating and a $45.00 target price for the company. Finally, BTIG Research boosted their target price on shares of Spyre Therapeutics from $32.00 to $40.00 and gave the company a “buy” rating in a research report on Friday, May 10th. Ten investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Spyre Therapeutics has a consensus rating of “Buy” and a consensus target price of $43.43.

Spyre Therapeutics Trading Down 4.9 %

The stock’s 50-day moving average is $27.37 and its 200-day moving average is $31.69. The firm has a market capitalization of $1.07 billion, a price-to-earnings ratio of -0.39 and a beta of 2.92.

Spyre Therapeutics (NASDAQ:SYRE) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.86) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.90) by $0.04. On average, equities research analysts anticipate that Spyre Therapeutics, Inc. will post -3.96 EPS for the current fiscal year.

Hedge Funds Weigh In On Spyre Therapeutics

Institutional investors have recently added to or reduced their stakes in the stock. Amalgamated Bank bought a new stake in Spyre Therapeutics during the 2nd quarter worth approximately $28,000. Quest Partners LLC bought a new stake in Spyre Therapeutics during the 2nd quarter worth approximately $36,000. SG Americas Securities LLC bought a new stake in Spyre Therapeutics during the 2nd quarter worth approximately $130,000. Carlyle Group Inc. bought a new stake in Spyre Therapeutics during the 2nd quarter worth approximately $227,000. Finally, Profund Advisors LLC bought a new stake in Spyre Therapeutics during the 2nd quarter worth approximately $296,000. 80.39% of the stock is currently owned by institutional investors and hedge funds.

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).