Spyre Therapeutics (NASDAQ:SYRE) Trading Down 5%

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s share price was down 5% during mid-day trading on Monday . The company traded as low as $27.89 and last traded at $27.90. Approximately 73,607 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 503,794 shares. The stock had previously closed at $29.36.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on SYRE shares. Evercore ISI started coverage on shares of Spyre Therapeutics in a research note on Tuesday, July 16th. They issued an “outperform” rating on the stock. Wedbush started coverage on shares of Spyre Therapeutics in a research note on Wednesday, September 4th. They issued an “outperform” rating and a $45.00 price target on the stock. Ten analysts have rated the stock with a buy rating, According to MarketBeat.com, Spyre Therapeutics has a consensus rating of “Buy” and an average target price of $43.43.

Spyre Therapeutics Trading Up 1.6 %

The business has a fifty day simple moving average of $27.91 and a two-hundred day simple moving average of $32.05. The company has a market cap of $1.17 billion, a PE ratio of -0.40 and a beta of 2.92.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Perceptive Advisors LLC lifted its holdings in Spyre Therapeutics by 18.6% in the 2nd quarter. Perceptive Advisors LLC now owns 3,031,018 shares of the company’s stock valued at $71,259,000 after purchasing an additional 474,339 shares in the last quarter. Driehaus Capital Management LLC purchased a new position in shares of Spyre Therapeutics during the 2nd quarter worth $16,153,000. The Manufacturers Life Insurance Company purchased a new position in shares of Spyre Therapeutics during the 2nd quarter worth $888,000. Darwin Global Management Ltd. purchased a new position in shares of Spyre Therapeutics during the 2nd quarter worth $10,266,000. Finally, Armistice Capital LLC purchased a new position in shares of Spyre Therapeutics during the 2nd quarter worth $3,197,000. Hedge funds and other institutional investors 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).