Ikarian Capital LLC Invests $8.89 Million in Spyre Therapeutics, Inc. (NASDAQ:SYRE)

Ikarian Capital LLC purchased a new position in shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 302,247 shares of the company’s stock, valued at approximately $8,889,000. Spyre Therapeutics accounts for about 1.2% of Ikarian Capital LLC’s investment portfolio, making the stock its 15th biggest holding. Ikarian Capital LLC owned 0.59% of Spyre Therapeutics at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Janus Henderson Group PLC raised its position in Spyre Therapeutics by 66.3% in the 3rd quarter. Janus Henderson Group PLC now owns 1,120,531 shares of the company’s stock valued at $32,921,000 after buying an additional 446,664 shares during the last quarter. Cinctive Capital Management LP bought a new position in Spyre Therapeutics in the third quarter valued at approximately $1,802,000. Walleye Capital LLC grew its stake in Spyre Therapeutics by 61.4% in the third quarter. Walleye Capital LLC now owns 243,372 shares of the company’s stock valued at $7,158,000 after purchasing an additional 92,552 shares in the last quarter. MetLife Investment Management LLC grew its stake in Spyre Therapeutics by 129.1% in the third quarter. MetLife Investment Management LLC now owns 20,132 shares of the company’s stock valued at $592,000 after purchasing an additional 11,344 shares in the last quarter. Finally, FMR LLC grew its stake in Spyre Therapeutics by 1.5% in the third quarter. FMR LLC now owns 7,623,881 shares of the company’s stock valued at $224,218,000 after purchasing an additional 115,898 shares in the last quarter. Institutional investors and hedge funds own 80.39% of the company’s stock.

Wall Street Analysts Forecast Growth

SYRE has been the subject of a number of analyst reports. Robert W. Baird raised their price target on Spyre Therapeutics from $50.00 to $65.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Wedbush restated an “outperform” rating and issued a $45.00 price target on shares of Spyre Therapeutics in a research note on Friday, November 8th. Finally, Guggenheim raised their price target on Spyre Therapeutics from $50.00 to $65.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $48.57.

Spyre Therapeutics Stock Performance

Shares of NASDAQ SYRE traded up $0.93 during midday trading on Tuesday, hitting $28.58. 44,725 shares of the company’s stock were exchanged, compared to its average volume of 526,145. Spyre Therapeutics, Inc. has a 12 month low of $14.22 and a 12 month high of $47.97. The company’s 50 day moving average price is $31.03 and its 200 day moving average price is $29.70.

Spyre Therapeutics 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).