Spyre Therapeutics (NASDAQ:SYRE) Reaches New 1-Year Low – Here’s Why

Spyre Therapeutics, Inc. (NASDAQ:SYRE) hit a new 52-week low during mid-day trading on Wednesday . The company traded as low as $16.93 and last traded at $17.02, with a volume of 647660 shares trading hands. The stock had previously closed at $18.16.

Analysts Set New Price Targets

Several research analysts have commented on SYRE shares. The Goldman Sachs Group raised shares of Spyre Therapeutics to a “strong-buy” rating in a report on Tuesday, February 18th. Wedbush reaffirmed an “outperform” rating and issued a $65.00 price objective on shares of Spyre Therapeutics in a research note on Monday, January 13th. Finally, Wolfe Research initiated coverage on shares of Spyre Therapeutics in a report on Tuesday, March 18th. They issued an “outperform” rating and a $27.00 target price for the company. Eight research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Spyre Therapeutics currently has a consensus rating of “Buy” and a consensus price target of $50.86.

Spyre Therapeutics Price Performance

The firm has a market cap of $1.03 billion, a P/E ratio of -2.28 and a beta of 2.98. The stock’s 50-day simple moving average is $20.75 and its two-hundred day simple moving average is $25.79.

Spyre Therapeutics (NASDAQ:SYRE) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.81) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.89) by $0.08. As a group, sell-side analysts expect that Spyre Therapeutics, Inc. will post -4.46 earnings per share for the current year.

Institutional Trading of Spyre Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of SYRE. GF Fund Management CO. LTD. bought a new position in shares of Spyre Therapeutics in the fourth quarter worth about $29,000. Huntington National Bank bought a new stake in shares of Spyre Therapeutics during the fourth quarter valued at approximately $34,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Spyre Therapeutics in the fourth quarter valued at about $46,000. Quest Partners LLC grew its holdings in Spyre Therapeutics by 271.2% during the 3rd quarter. Quest Partners LLC now owns 5,654 shares of the company’s stock worth $166,000 after acquiring an additional 4,131 shares in the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new position in Spyre Therapeutics during the 4th quarter valued at about $182,000. Hedge funds and other institutional investors own 80.39% of the company’s stock.

Spyre Therapeutics Company Profile

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).