Gyre Therapeutics (NASDAQ:GYRE) Stock Price Down 4.9% – Here’s What Happened

Gyre Therapeutics, Inc. (NASDAQ:GYRE) shares dropped 4.9% on Wednesday . The company traded as low as $10.35 and last traded at $10.45. Approximately 38,002 shares changed hands during trading, a decline of 48% from the average daily volume of 72,405 shares. The stock had previously closed at $10.99.

Gyre Therapeutics Stock Performance

The company has a 50-day moving average of $13.14 and a 200-day moving average of $12.59.

Hedge Funds Weigh In On Gyre Therapeutics

Institutional investors have recently made changes to their positions in the stock. FMR LLC purchased a new stake in Gyre Therapeutics during the 3rd quarter worth about $47,000. Barclays PLC boosted its stake in shares of Gyre Therapeutics by 281.8% during the 3rd quarter. Barclays PLC now owns 9,288 shares of the company’s stock worth $116,000 after purchasing an additional 6,855 shares during the last quarter. Rhumbline Advisers purchased a new stake in shares of Gyre Therapeutics during the second quarter worth about $123,000. Renaissance Technologies LLC acquired a new position in shares of Gyre Therapeutics in the second quarter valued at approximately $166,000. Finally, Bank of New York Mellon Corp purchased a new position in shares of Gyre Therapeutics during the second quarter valued at approximately $218,000. 23.99% of the stock is owned by institutional investors and hedge funds.

About Gyre Therapeutics

Gyre Therapeutics, Inc, a biopharmaceutical company, primarily focuses on the development and commercialization of Hydronidone for the treatment of Metabolic Dysfunction Associated Steatohepatitis in the United States. Its Hydronidone is also being evaluated for the treatment of liver fibrosis across a spectrum of chronic liver diseases.