Spyre Therapeutics (NASDAQ:SYRE) Shares Gap Down – What’s Next?

Spyre Therapeutics, Inc. (NASDAQ:SYRE) shares gapped down before the market opened on Wednesday . The stock had previously closed at $26.49, but opened at $25.94. Spyre Therapeutics shares last traded at $26.20, with a volume of 28,326 shares.

Wall Street Analysts Forecast Growth

SYRE has been the subject of several recent research reports. Wedbush restated an “outperform” rating and set a $45.00 target price on shares of Spyre Therapeutics in a report on Friday, November 8th. Guggenheim lifted their price objective on shares of Spyre Therapeutics from $50.00 to $65.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Finally, Robert W. Baird upped their target price on shares of Spyre Therapeutics from $50.00 to $65.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Eight investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Spyre Therapeutics currently has an average rating of “Buy” and an average target price of $48.57.

Spyre Therapeutics Price Performance

The stock has a market capitalization of $1.34 billion, a price-to-earnings ratio of -3.55 and a beta of 2.82. The company’s 50-day simple moving average is $30.84 and its 200-day simple moving average is $29.34.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in SYRE. Franklin Resources Inc. increased its position in Spyre Therapeutics by 2.5% during the third quarter. Franklin Resources Inc. now owns 760,666 shares of the company’s stock worth $23,322,000 after acquiring an additional 18,762 shares during the period. Teachers Retirement System of The State of Kentucky acquired a new position in shares of Spyre Therapeutics during the 3rd quarter worth $622,000. Geode Capital Management LLC lifted its holdings in shares of Spyre Therapeutics by 16.4% in the third quarter. Geode Capital Management LLC now owns 891,048 shares of the company’s stock worth $26,211,000 after acquiring an additional 125,214 shares during the last quarter. Barclays PLC boosted its position in Spyre Therapeutics by 64.7% in the third quarter. Barclays PLC now owns 105,467 shares of the company’s stock valued at $3,101,000 after buying an additional 41,424 shares in the last quarter. Finally, Jane Street Group LLC raised its position in Spyre Therapeutics by 78.7% in the third quarter. Jane Street Group LLC now owns 20,641 shares of the company’s stock valued at $607,000 after purchasing an additional 9,090 shares during the last quarter. 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).