Spyre Therapeutics Shares Fall 9.2% - What You Should Know

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) experienced a significant drop of 9.2% on Friday. The stock hit a low of $21.65 before closing at $21.80. During midday trading, around 138,307 shares changed hands, reflecting a notable 70% decrease from the average daily trading volume of 465,685 shares. Previously, the stock had closed at $24.02.

Recent Analyst Ratings

Several analysts have recently provided updated price targets for Spyre Therapeutics. On October 25th, Guggenheim raised their price target from $50.00 to $65.00, maintaining a "buy" rating for the stock. Similarly, Robert W. Baird adjusted their target from $50.00 to $65.00 with an "outperform" rating given on November 13th. Additionally, Wedbush reaffirmed an "outperform" rating but set a price target of $45.00 in their report released on November 8th. Overall, seven investment analysts have rated Spyre Therapeutics with a buy rating, and the stock holds an average rating of "Buy" according to MarketBeat, with an average price target of $51.50.

Current Stock Performance

As of now, Spyre Therapeutics has a 50-day moving average price of $27.62 and a 200-day moving average price of $28.12. The company boasts a market capitalization of approximately $1.14 billion and has a price-to-earnings ratio of -2.97, with a beta of 2.86 indicating higher volatility compared to the market.

Institutional Investor Activity

Recent activity from hedge funds and other institutional investors shows increased interest in Spyre Therapeutics. JPMorgan Chase & Co. raised its holdings in SYRE by 29.4% in the third quarter, now owning 29,473 shares valued at $867,000 after purchasing an additional 6,701 shares. Franklin Resources Inc. also increased its stake by 2.5%, owning 760,666 shares valued at $23,322,000. Moreover, Teachers Retirement System of The State of Kentucky has newly acquired a stake in Spyre worth about $622,000. Geode Capital Management LLC boosted its stake by 16.4%, owning 891,048 shares valued at $26,211,000 after acquiring 125,214 more shares. Barclays PLC increased its holdings by 64.7%, amassing 105,467 shares worth $3,101,000. Notably, approximately 80.39% of the stock is owned by hedge funds and institutional investors.

About Spyre Therapeutics

Spyre Therapeutics, Inc. is a preclinical stage biotechnology company focusing on therapeutic developments for patients with inflammatory bowel disease (IBD). Their primary product is SPY001, a human monoclonal immunoglobulin G1 antibody designed to specifically bind to the a4ß7 integrin, which is being developed for the treatment of IBD, including conditions like ulcerative colitis and Crohn's disease.

Is Now the Right Time to Sell?

With the recent decline in stock prices and ongoing developments, investors may be wondering if it's time to sell their shares in Spyre Therapeutics. Although the company has a current "Buy" rating from analysts, some feel that there might be better investment opportunities available. MarketBeat has identified five stocks that top analysts suggest are currently more favorable than Spyre Therapeutics.

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