Spyre Therapeutics (NASDAQ:SYRE) Trading Down 5%

Spyre Therapeutics, Inc. (NASDAQ:SYRE) dropped 5% during mid-day trading on Wednesday . The stock traded as low as $32.38 and last traded at $32.54. Approximately 46,321 shares were traded during trading, a decline of 90% from the average daily volume of 453,536 shares. The stock had previously closed at $34.25.

Analysts Set New Price Targets

SYRE has been the topic of several research analyst reports. Wells Fargo & Company raised shares of Spyre Therapeutics from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $12.00 to $35.00 in a research note on Friday, March 1st. Stifel Nicolaus upped their price objective on shares of Spyre Therapeutics from $36.00 to $54.00 and gave the stock a “buy” rating in a report on Tuesday, March 26th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $39.20.

Spyre Therapeutics Stock Up 3.4 %

The company’s 50-day moving average price is $34.71. The stock has a market capitalization of $1.21 billion, a P/E ratio of -0.45 and a beta of 2.88.

Spyre Therapeutics (NASDAQ:SYRE) last released its quarterly earnings results on Thursday, February 29th. The company reported ($2.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.48) by ($1.80). As a group, research analysts anticipate that Spyre Therapeutics, Inc. will post -2.36 EPS for the current fiscal year.

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).