Spyre Therapeutics (NASDAQ:SYRE) Shares Gap Up – Here’s What Happened

Spyre Therapeutics, Inc. (NASDAQ:SYRE) shares gapped up before the market opened 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 changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on SYRE. The Goldman Sachs Group raised Spyre Therapeutics to a “strong-buy” rating in a research report on Tuesday, February 18th. Wolfe Research initiated coverage on Spyre Therapeutics in a report on Tuesday. They issued an “outperform” rating and a $27.00 price target for the company. Finally, Wedbush reiterated an “outperform” rating and issued a $65.00 price objective on shares of Spyre Therapeutics in a research report on Monday, January 13th. Eight research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $50.86.

Spyre Therapeutics Trading Up 2.7 %

The firm has a market capitalization of $1.11 billion, a PE ratio of -2.46 and a beta of 2.98. The business’s 50 day simple moving average is $21.05 and its two-hundred day simple moving average is $26.07.

Spyre Therapeutics (NASDAQ:SYRE) last announced its earnings results 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. As a group, equities research analysts anticipate that Spyre Therapeutics, Inc. will post -4.46 earnings per share for the current year.

Institutional Investors Weigh In On Spyre Therapeutics

Hedge funds have recently modified their holdings of the business. GF Fund Management CO. LTD. bought a new stake in shares of Spyre Therapeutics during the 4th quarter valued at $29,000. Huntington National Bank bought a new position in Spyre Therapeutics in the 4th quarter worth $34,000. Mirae Asset Global Investments Co. Ltd. bought a new position in Spyre Therapeutics in the 4th quarter worth $46,000. Quest Partners LLC boosted its holdings in Spyre Therapeutics by 271.2% in the 3rd quarter. Quest Partners LLC now owns 5,654 shares of the company’s stock worth $166,000 after buying an additional 4,131 shares during the period. Finally, KLP Kapitalforvaltning AS bought a new position in Spyre Therapeutics in the 4th quarter worth $182,000. Institutional investors 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).