Spyre Therapeutics (NASDAQ:SYRE) Trading Down 5% – What’s Next?

Spyre Therapeutics, Inc. (NASDAQ:SYRE) was down 5% during trading on Friday . The company traded as low as $20.49 and last traded at $20.11. Approximately 111,746 shares were traded during trading, a decline of 82% from the average daily volume of 619,154 shares. The stock had previously closed at $21.17.

Wall Street Analysts Forecast Growth

Several research firms recently commented on SYRE. Deutsche Bank Aktiengesellschaft began coverage on shares of Spyre Therapeutics in a research note on Friday, September 26th. They set a “buy” rating and a $43.00 price objective for the company. Wall Street Zen lowered shares of Spyre Therapeutics from a “hold” rating to a “sell” rating in a research note on Monday, October 6th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Spyre Therapeutics in a research note on Wednesday. Wedbush reiterated an “outperform” rating and set a $65.00 price objective on shares of Spyre Therapeutics in a research note on Wednesday, August 6th. Finally, BTIG Research reiterated a “buy” rating and set a $70.00 price objective on shares of Spyre Therapeutics in a research note on Tuesday, September 16th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $54.29.

Spyre Therapeutics Stock Down 9.6%

The company’s 50 day moving average price is $16.44 and its 200 day moving average price is $15.64. The firm has a market capitalization of $1.16 billion, a price-to-earnings ratio of -5.63 and a beta of 2.90.

Spyre Therapeutics (NASDAQ:SYRE) last posted its quarterly earnings data on Tuesday, August 5th. The company reported ($0.49) EPS for the quarter, topping the consensus estimate of ($0.73) by $0.24. As a group, analysts expect that Spyre Therapeutics, Inc. will post -4.46 earnings per share for the current year.

Insider Activity at Spyre Therapeutics

In other news, CFO Scott L. Burrows sold 18,428 shares of the company’s stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $16.26, for a total value of $299,639.28. Following the sale, the chief financial officer directly owned 97,994 shares of the company’s stock, valued at $1,593,382.44. This represents a 15.83% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 15.43% of the stock is owned by company insiders.

Institutional Trading of Spyre Therapeutics

Large investors have recently made changes to their positions in the business. CWM LLC boosted its holdings in shares of Spyre Therapeutics by 357.8% in the 2nd quarter. CWM LLC now owns 1,712 shares of the company’s stock valued at $26,000 after acquiring an additional 1,338 shares during the last quarter. AlphaQuest LLC boosted its holdings in shares of Spyre Therapeutics by 45.2% in the 1st quarter. AlphaQuest LLC now owns 3,191 shares of the company’s stock valued at $51,000 after acquiring an additional 993 shares during the last quarter. GAMMA Investing LLC purchased a new stake in shares of Spyre Therapeutics in the 1st quarter valued at $70,000. Ameritas Investment Partners Inc. lifted its stake in shares of Spyre Therapeutics by 25.8% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,091 shares of the company’s stock valued at $76,000 after purchasing an additional 1,045 shares during the period. Finally, Tower Research Capital LLC TRC lifted its stake in shares of Spyre Therapeutics by 182.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 5,769 shares of the company’s stock valued at $86,000 after purchasing an additional 3,725 shares during the period. 80.39% of the stock is owned by hedge funds and other 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).