Spyre Therapeutics (NASDAQ:SYRE) Reaches New 1-Year Low – What’s Next?

Spyre Therapeutics, Inc. (NASDAQ:SYRE) shares hit a new 52-week low during mid-day trading on Tuesday . The stock traded as low as $16.13 and last traded at $16.14, with a volume of 740838 shares trading hands. The stock had previously closed at $17.94.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Wolfe Research initiated coverage on Spyre Therapeutics in a research note on Tuesday, March 18th. They issued an “outperform” rating and a $27.00 price target for the company. The Goldman Sachs Group raised shares of Spyre Therapeutics to a “strong-buy” rating in a research note on Tuesday, February 18th. Finally, Wedbush reiterated an “outperform” rating and issued a $65.00 price target on shares of Spyre Therapeutics in a research note on Monday, January 13th. Seven analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Spyre Therapeutics presently has a consensus rating of “Buy” and a consensus price target of $50.33.

Spyre Therapeutics Stock Down 10.0 %

The stock’s 50 day moving average is $20.45 and its 200-day moving average is $25.47. The company has a market cap of $972.55 million, a PE ratio of -2.16 and a beta of 2.98.

Spyre Therapeutics (NASDAQ:SYRE) last announced its earnings results on Thursday, February 27th. The company reported ($0.81) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.89) by $0.08. On average, analysts anticipate that Spyre Therapeutics, Inc. will post -4.46 EPS for the current fiscal year.

Hedge Funds Weigh In On Spyre Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of SYRE. GF Fund Management CO. LTD. purchased a new stake in Spyre Therapeutics during the 4th quarter valued at $29,000. Huntington National Bank purchased a new stake in shares of Spyre Therapeutics in the fourth quarter valued at $34,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in shares of Spyre Therapeutics in the 4th quarter worth about $46,000. KLP Kapitalforvaltning AS purchased a new position in shares of Spyre Therapeutics during the 4th quarter worth about $182,000. Finally, Intech Investment Management LLC bought a new position in Spyre Therapeutics during the 3rd quarter valued at about $246,000. 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).