Spyre Therapeutics (NASDAQ:SYRE) Shares Gap Up – What’s Next?

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) gapped up prior to trading on Tuesday . The stock had previously closed at $18.54, but opened at $19.00. Spyre Therapeutics shares last traded at $18.30, with a volume of 75,636 shares traded.

Wall Street Analyst Weigh In

SYRE has been the subject of a number of analyst reports. Wolfe Research initiated coverage on Spyre Therapeutics in a research note on Tuesday. They set an “outperform” rating and a $27.00 price objective for the company. Wedbush restated an “outperform” rating and set a $65.00 price objective on shares of Spyre Therapeutics in a research note on Monday, January 13th. Finally, The Goldman Sachs Group upgraded Spyre Therapeutics to a “strong-buy” rating in a research note on Tuesday, February 18th. Eight equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $50.86.

Spyre Therapeutics Price Performance

The business has a fifty day moving average price of $21.29 and a two-hundred day moving average price of $26.20. The firm has a market capitalization of $1.10 billion, a price-to-earnings ratio of -2.45 and a beta of 2.98.

Spyre Therapeutics (NASDAQ:SYRE) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($0.81) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.89) by $0.08. On average, research analysts predict that Spyre Therapeutics, Inc. will post -4.46 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SYRE. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Spyre Therapeutics during the fourth quarter worth about $2,844,000. GF Fund Management CO. LTD. acquired a new stake in Spyre Therapeutics during the fourth quarter worth about $29,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Spyre Therapeutics by 85.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 48,981 shares of the company’s stock worth $1,140,000 after acquiring an additional 22,540 shares during the period. Woodline Partners LP grew its holdings in Spyre Therapeutics by 33.5% during the fourth quarter. Woodline Partners LP now owns 352,680 shares of the company’s stock worth $8,210,000 after acquiring an additional 88,424 shares during the period. Finally, Squarepoint Ops LLC grew its holdings in Spyre Therapeutics by 79.7% during the fourth quarter. Squarepoint Ops LLC now owns 15,231 shares of the company’s stock worth $355,000 after acquiring an additional 6,754 shares during the period. 80.39% of the stock is owned by institutional investors and hedge funds.

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).