Spyre Therapeutics (NASDAQ:SYRE) Shares Down 7.7% – Should You Sell?

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) traded down 7.7% on Thursday . The company traded as low as $24.41 and last traded at $24.41. 573,717 shares traded hands during trading, an increase of 9% from the average session volume of 526,435 shares. The stock had previously closed at $26.44.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Wedbush restated an “outperform” rating and set a $45.00 price objective on shares of Spyre Therapeutics in a research report on Friday, November 8th. Guggenheim lifted their target price on Spyre Therapeutics from $50.00 to $65.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Finally, Robert W. Baird lifted their target price on Spyre Therapeutics from $50.00 to $65.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $51.50.

Spyre Therapeutics Stock Performance

The company has a market capitalization of $1.24 billion, a price-to-earnings ratio of -3.23 and a beta of 2.82. The business has a 50 day moving average price of $30.63 and a 200-day moving average price of $29.22.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. FMR LLC raised its stake in Spyre Therapeutics by 1.5% during the 3rd quarter. FMR LLC now owns 7,623,881 shares of the company’s stock worth $224,218,000 after buying an additional 115,898 shares during the period. Perceptive Advisors LLC raised its stake in Spyre Therapeutics by 18.6% during the 2nd quarter. Perceptive Advisors LLC now owns 3,031,018 shares of the company’s stock worth $71,259,000 after buying an additional 474,339 shares during the period. Avoro Capital Advisors LLC acquired a new position in Spyre Therapeutics during the 2nd quarter worth approximately $43,238,000. State Street Corp raised its stake in Spyre Therapeutics by 9.4% during the 3rd quarter. State Street Corp now owns 1,541,555 shares of the company’s stock worth $45,337,000 after buying an additional 131,896 shares during the period. Finally, Wellington Management Group LLP raised its stake in Spyre Therapeutics by 89.4% during the 3rd quarter. Wellington Management Group LLP now owns 1,507,200 shares of the company’s stock worth $44,327,000 after buying an additional 711,254 shares during the period. 80.39% of the stock is 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).