Spyre Therapeutics (NASDAQ:SYRE) Trading Down 6.7% – Here’s Why

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s share price dropped 6.7% during mid-day trading on Friday . The company traded as low as $21.29 and last traded at $20.92. Approximately 91,521 shares were traded during trading, a decline of 84% from the average daily volume of 559,948 shares. The stock had previously closed at $22.41.

Wall Street Analysts Forecast Growth

SYRE has been the topic of a number of recent research reports. Guggenheim upped their price target on shares of Spyre Therapeutics from $50.00 to $65.00 and gave the company a “buy” rating in a research note on Friday, October 25th. The Goldman Sachs Group raised shares of Spyre Therapeutics to a “strong-buy” rating in a research note on Tuesday. Robert W. Baird increased their target price on shares of Spyre Therapeutics from $50.00 to $65.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Finally, Wedbush reissued an “outperform” rating and issued a $65.00 target price on shares of Spyre Therapeutics in a research note on Monday, January 13th. Seven analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus price target of $54.83.

Spyre Therapeutics Stock Down 7.8 %

The company’s 50 day moving average price is $22.84 and its two-hundred day moving average price is $27.01. The firm has a market cap of $1.06 billion, a PE ratio of -2.77 and a beta of 2.85.

Institutional Trading of Spyre Therapeutics

A number of institutional investors have recently modified their holdings of SYRE. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Spyre Therapeutics by 4.2% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,741 shares of the company’s stock valued at $527,000 after buying an additional 916 shares in the last quarter. GF Fund Management CO. LTD. purchased a new position in Spyre Therapeutics in the 4th quarter worth approximately $29,000. MetLife Investment Management LLC increased its holdings in shares of Spyre Therapeutics by 6.2% during the 4th quarter. MetLife Investment Management LLC now owns 21,382 shares of the company’s stock worth $498,000 after buying an additional 1,250 shares during the last quarter. Huntington National Bank acquired a new stake in shares of Spyre Therapeutics during the 4th quarter worth approximately $34,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Spyre Therapeutics during the 4th quarter worth approximately $46,000. 80.39% of the stock is currently owned by institutional investors.

About Spyre Therapeutics

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).