Spyre Therapeutics (NASDAQ:SYRE) Stock Price Down 7.6%

Spyre Therapeutics, Inc. (NASDAQ:SYRE) shares dropped 7.6% during trading on Tuesday . The stock traded as low as $27.15 and last traded at $27.18. Approximately 33,500 shares traded hands during trading, a decline of 94% from the average daily volume of 522,828 shares. The stock had previously closed at $29.41.

Analyst Ratings Changes

Several research firms recently weighed in 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 started coverage on Spyre Therapeutics in a research report on Wednesday, September 4th. They set an “outperform” rating and a $45.00 target price for the company. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of “Buy” and an average price target of $43.43.

Spyre Therapeutics Price Performance

The business has a 50 day moving average of $27.82 and a 200 day moving average of $31.37. The firm has a market capitalization of $1.12 billion, a price-to-earnings ratio of -0.38 and a beta of 2.92.

Spyre Therapeutics (NASDAQ:SYRE) last announced its quarterly earnings results on Wednesday, August 7th. The company reported ($0.86) EPS for the quarter, beating analysts’ consensus estimates of ($0.90) by $0.04. As a group, equities analysts predict that Spyre Therapeutics, Inc. will post -3.68 EPS for the current year.

Hedge Funds Weigh In On Spyre Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Amalgamated Bank bought a new position in Spyre Therapeutics during the second quarter worth about $28,000. Quest Partners LLC bought a new stake in Spyre Therapeutics during the 2nd quarter worth approximately $36,000. SG Americas Securities LLC acquired a new stake in Spyre Therapeutics during the 2nd quarter worth approximately $130,000. Carlyle Group Inc. bought a new position in Spyre Therapeutics in the second quarter valued at approximately $227,000. Finally, Profund Advisors LLC acquired a new position in shares of Spyre Therapeutics in the second quarter valued at approximately $296,000. 80.39% of the stock is 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).