Spyre Therapeutics (NASDAQ:SYRE) Trading Down 5%

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) dropped 5% during trading on Monday . The stock traded as low as $27.89 and last traded at $27.90. Approximately 73,607 shares were traded during trading, a decline of 85% from the average daily volume of 503,794 shares. The stock had previously closed at $29.36.

Analyst Ratings Changes

SYRE has been the subject of several research analyst reports. Evercore ISI initiated coverage on shares of Spyre Therapeutics in a research report on Tuesday, July 16th. They issued an “outperform” rating for the company. Wedbush initiated coverage on shares of Spyre Therapeutics in a research report on Wednesday, September 4th. They issued an “outperform” rating and a $45.00 price objective for the company. Ten research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $43.43.

Spyre Therapeutics Stock Performance

The company’s fifty day moving average is $27.91 and its two-hundred day moving average is $32.05. The company has a market cap of $1.17 billion, a price-to-earnings ratio of -0.40 and a beta of 2.92.

Spyre Therapeutics (NASDAQ:SYRE) last issued its quarterly earnings results on Wednesday, August 7th. The company reported ($0.86) earnings per share for the quarter, topping the consensus estimate of ($0.90) by $0.04. On average, sell-side analysts anticipate that Spyre Therapeutics, Inc. will post -3.68 EPS for the current fiscal year.

Hedge Funds Weigh In On Spyre Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Amalgamated Bank acquired a new stake in shares of Spyre Therapeutics during the 2nd quarter worth approximately $28,000. Quest Partners LLC acquired a new stake in shares of Spyre Therapeutics during the 2nd quarter worth approximately $36,000. SG Americas Securities LLC acquired a new stake in shares of Spyre Therapeutics during the 2nd quarter worth approximately $130,000. Carlyle Group Inc. acquired a new stake in shares of Spyre Therapeutics during the 2nd quarter worth approximately $227,000. Finally, Profund Advisors LLC acquired a new stake in shares of Spyre Therapeutics during the 2nd quarter worth approximately $296,000. Institutional investors and hedge funds own 80.39% of the company’s stock.

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).