Spyre Therapeutics (NASDAQ:SYRE) Trading Up 9.4% – Here’s Why

Spyre Therapeutics, Inc. (NASDAQ:SYRE) rose 9.4% during trading on Tuesday . The stock traded as high as $22.60 and last traded at $22.57. Approximately 198,971 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 548,306 shares. The stock had previously closed at $20.62.

Wall Street Analyst Weigh In

SYRE has been the subject of several recent research reports. Guggenheim upped their target price on Spyre Therapeutics from $50.00 to $65.00 and gave the company a “buy” rating in a report on Friday, October 25th. Robert W. Baird upped their price objective on Spyre Therapeutics from $50.00 to $65.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $65.00 target price on shares of Spyre Therapeutics in a research report on Monday, January 13th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $54.83.

Spyre Therapeutics Stock Performance

The stock has a market cap of $1.12 billion, a P/E ratio of -2.92 and a beta of 2.86. The firm has a 50 day simple moving average of $24.72 and a two-hundred day simple moving average of $27.93.

Spyre Therapeutics (NASDAQ:SYRE) last released its quarterly earnings results on Thursday, November 7th. The company reported ($1.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.80) by ($0.56). As a group, equities research analysts predict that Spyre Therapeutics, Inc. will post -4.46 EPS for the current year.

Hedge Funds Weigh In On Spyre Therapeutics

Hedge funds have recently made changes to their positions in the business. Amalgamated Bank bought a new stake in Spyre Therapeutics during the second quarter worth approximately $28,000. Quest Partners LLC boosted its stake in shares of Spyre Therapeutics by 271.2% during the 3rd quarter. Quest Partners LLC now owns 5,654 shares of the company’s stock worth $166,000 after acquiring an additional 4,131 shares in the last quarter. Intech Investment Management LLC acquired a new position in shares of Spyre Therapeutics in the 3rd quarter worth $246,000. Profund Advisors LLC acquired a new position in shares of Spyre Therapeutics in the 2nd quarter worth $296,000. Finally, SG Americas Securities LLC raised its position in shares of Spyre Therapeutics by 127.0% during the third quarter. SG Americas Securities LLC now owns 12,589 shares of the company’s stock worth $370,000 after purchasing an additional 7,044 shares during the period. Institutional investors and hedge funds own 80.39% of the company’s stock.

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).