Spyre Therapeutics (NASDAQ:SYRE) Shares Gap Down to $30.17

Spyre Therapeutics, Inc. (NASDAQ:SYRE) gapped down prior to trading on Monday . The stock had previously closed at $30.17, but opened at $29.56. Spyre Therapeutics shares last traded at $29.71, with a volume of 12,171 shares traded.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SYRE. Evercore ISI assumed coverage on shares of Spyre Therapeutics in a research report on Tuesday, July 16th. They issued an “outperform” rating for the company. Wedbush assumed coverage on Spyre Therapeutics in a report on Wednesday, September 4th. They set an “outperform” rating and a $45.00 target price on the stock. Ten equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $43.43.

Spyre Therapeutics Stock Performance

The stock has a market capitalization of $1.17 billion, a P/E ratio of -0.42 and a beta of 2.92. The business has a 50-day moving average price of $27.99 and a 200 day moving average price of $31.89.

Spyre Therapeutics (NASDAQ:SYRE) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.86) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.90) by $0.04. As a group, research analysts forecast that Spyre Therapeutics, Inc. will post -3.68 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spyre Therapeutics

Hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp purchased a new position in shares of Spyre Therapeutics in the second quarter worth $2,767,000. Rhumbline Advisers purchased a new position in Spyre Therapeutics in the 2nd quarter worth about $1,220,000. EFG Asset Management North America Corp. bought a new position in Spyre Therapeutics during the 2nd quarter valued at about $869,000. Avoro Capital Advisors LLC purchased a new stake in shares of Spyre Therapeutics during the 2nd quarter valued at about $43,238,000. Finally, Candriam S.C.A. bought a new stake in shares of Spyre Therapeutics in the second quarter worth approximately $2,468,000. 80.39% of the stock is currently 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).