Spyre Therapeutics (NASDAQ:SYRE) Trading Up 7.5% – Here’s Why

Spyre Therapeutics, Inc. (NASDAQ:SYRE) shares rose 7.5% during trading on Tuesday . The stock traded as high as $18.03 and last traded at $18.45. Approximately 16,970 shares changed hands during trading, a decline of 97% from the average daily volume of 614,046 shares. The stock had previously closed at $17.16.

Analyst Upgrades and Downgrades

SYRE has been the topic of a number of recent research reports. Leerink Partnrs upgraded shares of Spyre Therapeutics to a “strong-buy” rating in a report on Tuesday, April 8th. Leerink Partners began coverage on shares of Spyre Therapeutics in a research report on Tuesday, April 8th. They set an “outperform” rating and a $45.00 target price on the stock. Wolfe Research assumed coverage on Spyre Therapeutics in a research report on Tuesday, March 18th. They issued an “outperform” rating and a $27.00 price target for the company. The Goldman Sachs Group upgraded Spyre Therapeutics to a “strong-buy” rating in a research note on Tuesday, February 18th. Finally, Wedbush reissued an “outperform” rating and issued a $65.00 price objective on shares of Spyre Therapeutics in a research note on Monday, May 5th. Six analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $53.40.

Spyre Therapeutics Trading Down 3.0%

The stock has a market cap of $1.08 billion, a P/E ratio of -2.41 and a beta of 2.72. The firm’s fifty day moving average is $14.46 and its 200 day moving average is $19.36.

Spyre Therapeutics (NASDAQ:SYRE) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.74) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.76) by $0.02. Research analysts forecast that Spyre Therapeutics, Inc. will post -4.46 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spyre Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in SYRE. FMR LLC raised its position in Spyre Therapeutics by 15.4% in the fourth quarter. FMR LLC now owns 8,801,266 shares of the company’s stock worth $204,893,000 after purchasing an additional 1,177,385 shares in the last quarter. RTW Investments LP raised its holdings in shares of Spyre Therapeutics by 11.2% in the 4th quarter. RTW Investments LP now owns 3,621,996 shares of the company’s stock worth $84,320,000 after buying an additional 363,636 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Spyre Therapeutics by 1.8% in the 1st quarter. Vanguard Group Inc. now owns 2,898,267 shares of the company’s stock worth $46,764,000 after buying an additional 51,794 shares in the last quarter. Driehaus Capital Management LLC lifted its position in shares of Spyre Therapeutics by 308.1% during the 4th quarter. Driehaus Capital Management LLC now owns 2,803,655 shares of the company’s stock worth $65,269,000 after buying an additional 2,116,575 shares during the period. Finally, Braidwell LP boosted its stake in Spyre Therapeutics by 17.7% in the 4th quarter. Braidwell LP now owns 2,578,404 shares of the company’s stock valued at $60,025,000 after buying an additional 388,568 shares in the last quarter. 80.39% of the stock is owned by institutional investors.

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).