Spyre Therapeutics (NASDAQ:SYRE) Stock Price Down 3.5% – What’s Next?

by · The Cerbat Gem

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE – Get Free Report) dropped 3.5% during trading on Wednesday . The stock traded as low as $26.75 and last traded at $26.90. Approximately 32,118 shares traded hands during mid-day trading, a decline of 94% from the average daily volume of 515,864 shares. The stock had previously closed at $27.88.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Evercore ISI assumed coverage on Spyre Therapeutics in a research note on Tuesday, July 16th. They set an “outperform” rating on the stock. Wedbush assumed coverage on Spyre Therapeutics in a research report on Wednesday, September 4th. They set an “outperform” rating and a $45.00 target price on the stock. Ten investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $43.43.

Read Our Latest Stock Report on SYRE

Spyre Therapeutics Trading Down 0.9 %

The company’s 50 day moving average price is $27.53 and its 200-day moving average price is $30.78.

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

Institutional Trading of Spyre Therapeutics

Large investors have recently added to or reduced their stakes in the stock. Avoro Capital Advisors LLC acquired a new stake in shares of Spyre Therapeutics during the second quarter valued at about $43,238,000. Driehaus Capital Management LLC acquired a new stake in Spyre Therapeutics during the 2nd quarter valued at approximately $16,153,000. Farallon Capital Management LLC acquired a new stake in Spyre Therapeutics during the 2nd quarter valued at approximately $15,658,000. Logos Global Management LP purchased a new stake in Spyre Therapeutics during the 2nd quarter worth approximately $13,518,000. Finally, Affinity Asset Advisors LLC acquired a new position in shares of Spyre Therapeutics in the 2nd quarter valued at approximately $12,071,000. 80.39% of the stock is currently owned by institutional investors and hedge funds.

Spyre Therapeutics Company Profile

(Get Free Report)

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).

Read More