Spyre Therapeutics (NASDAQ:SYRE) Shares Down 5.3% – Should You Sell?

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) dropped 5.3% during trading on Thursday . The company traded as low as $20.55 and last traded at $20.52. Approximately 445,155 shares changed hands during trading, a decline of 19% from the average daily volume of 550,368 shares. The stock had previously closed at $21.66.

Wall Street Analyst Weigh In

SYRE has been the subject of several research analyst reports. Guggenheim upped their price target on shares of Spyre Therapeutics from $50.00 to $65.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Robert W. Baird raised their target price on Spyre Therapeutics from $50.00 to $65.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Finally, Wedbush reiterated an “outperform” rating and set a $65.00 price target on shares of Spyre Therapeutics in a research report on Monday, January 13th. Seven analysts have rated the stock with a buy rating, According to MarketBeat, Spyre Therapeutics currently has a consensus rating of “Buy” and a consensus price target of $54.83.

Spyre Therapeutics Trading Up 0.3 %

The stock’s fifty day simple moving average is $25.78 and its 200 day simple moving average is $28.03. The company has a market cap of $1.06 billion, a price-to-earnings ratio of -2.76 and a beta of 2.86.

Institutional Investors Weigh In On Spyre Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in SYRE. FMR LLC grew its holdings in Spyre Therapeutics by 1.5% in the 3rd quarter. FMR LLC now owns 7,623,881 shares of the company’s stock valued at $224,218,000 after buying an additional 115,898 shares in the last quarter. Perceptive Advisors LLC grew its holdings in shares of Spyre Therapeutics by 18.6% in the second quarter. Perceptive Advisors LLC now owns 3,031,018 shares of the company’s stock valued at $71,259,000 after purchasing an additional 474,339 shares during the period. Avoro Capital Advisors LLC acquired a new stake in Spyre Therapeutics during the second quarter worth about $43,238,000. State Street Corp raised its stake in Spyre Therapeutics by 9.4% during the third quarter. State Street Corp now owns 1,541,555 shares of the company’s stock worth $45,337,000 after purchasing an additional 131,896 shares during the period. Finally, Wellington Management Group LLP raised its stake in Spyre Therapeutics by 89.4% during the third quarter. Wellington Management Group LLP now owns 1,507,200 shares of the company’s stock worth $44,327,000 after purchasing an additional 711,254 shares during the period. Institutional investors and hedge funds own 80.39% of the company’s stock.

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).