Spyre Therapeutics (NASDAQ:SYRE) Stock Price Down 6.5% – What’s Next?
by Kim Johansen · The Markets DailySpyre Therapeutics, Inc. (NASDAQ:SYRE – Get Free Report)’s share price fell 6.5% on Friday . The company traded as low as $31.19 and last traded at $30.6370. 90,881 shares traded hands during mid-day trading, a decline of 89% from the average session volume of 796,379 shares. The stock had previously closed at $32.76.
Wall Street Analyst Weigh In
A number of research firms have recently commented on SYRE. Wall Street Zen upgraded Spyre Therapeutics from a “sell” rating to a “hold” rating in a report on Sunday, November 16th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of Spyre Therapeutics in a research note on Friday, September 26th. They issued a “buy” rating and a $43.00 price target on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Spyre Therapeutics in a research report on Monday. Jones Trading upgraded shares of Spyre Therapeutics from a “hold” rating to a “buy” rating and set a $64.00 target price for the company in a report on Monday, December 1st. Finally, BTIG Research reiterated a “buy” rating and set a $70.00 price target on shares of Spyre Therapeutics in a research note on Tuesday, September 16th. Three analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $53.88.
Check Out Our Latest Stock Report on Spyre Therapeutics
Spyre Therapeutics Trading Down 6.7%
The company has a market capitalization of $2.37 billion, a price-to-earnings ratio of -13.99 and a beta of 3.17. The firm’s 50 day simple moving average is $28.62 and its 200-day simple moving average is $20.93.
Spyre Therapeutics (NASDAQ:SYRE – Get Free Report) last released its quarterly earnings data on Tuesday, November 4th. The company reported ($0.15) EPS for the quarter, topping analysts’ consensus estimates of ($0.68) by $0.53. As a group, sell-side analysts forecast that Spyre Therapeutics, Inc. will post -4.46 EPS for the current fiscal year.
Insider Buying and Selling
In other Spyre Therapeutics news, CEO Cameron Turtle sold 45,000 shares of Spyre Therapeutics stock in a transaction dated Monday, November 3rd. The stock was sold at an average price of $23.33, for a total value of $1,049,850.00. Following the completion of the sale, the chief executive officer owned 701,907 shares in the company, valued at $16,375,490.31. The trade was a 6.02% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 15.43% of the company’s stock.
Hedge Funds Weigh In On Spyre Therapeutics
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Mercer Global Advisors Inc. ADV boosted its holdings in Spyre Therapeutics by 0.5% in the third quarter. Mercer Global Advisors Inc. ADV now owns 106,664 shares of the company’s stock valued at $1,788,000 after purchasing an additional 522 shares during the last quarter. California State Teachers Retirement System lifted its stake in Spyre Therapeutics by 1.8% during the second quarter. California State Teachers Retirement System now owns 33,201 shares of the company’s stock worth $497,000 after purchasing an additional 603 shares during the last quarter. F m Investments LLC boosted its holdings in Spyre Therapeutics by 1.4% in the second quarter. F m Investments LLC now owns 52,546 shares of the company’s stock worth $787,000 after purchasing an additional 702 shares during the period. AlphaQuest LLC boosted its holdings in Spyre Therapeutics by 30.8% in the second quarter. AlphaQuest LLC now owns 4,174 shares of the company’s stock worth $62,000 after purchasing an additional 983 shares during the period. Finally, Ameritas Investment Partners Inc. increased its stake in Spyre Therapeutics by 25.8% during the second 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 last quarter. Hedge funds and other institutional investors own 80.39% of the company’s stock.
About Spyre Therapeutics
Spyre Therapeutics, Inc is a clinical-stage biotechnology company focused on the discovery and development of novel immunotherapies for cancer. The company leverages proprietary protein engineering and biologics design platforms to create targeted molecules intended to enhance anti-tumor immune responses and inhibit tumor growth. Its preclinical pipeline comprises multiple candidate therapies for solid tumor and hematologic oncology indications.
Established by a team with deep expertise in protein design, immunology and translational research, Spyre Therapeutics collaborates with leading academic institutions and research organizations to accelerate its discovery efforts.