Spyre Therapeutics (NASDAQ:SYRE) Shares Up 5.2% – Here’s Why

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) shot up 5.2% during mid-day trading on Thursday . The company traded as high as $17.83 and last traded at $17.91. 127,940 shares changed hands during trading, a decline of 77% from the average session volume of 548,511 shares. The stock had previously closed at $17.02.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Wolfe Research initiated coverage on shares of Spyre Therapeutics in a research report on Tuesday, March 18th. They set an “outperform” rating and a $27.00 price objective on the stock. Wedbush reiterated an “outperform” rating and issued a $65.00 price target on shares of Spyre Therapeutics in a report on Monday, January 13th. Finally, The Goldman Sachs Group upgraded Spyre Therapeutics to a “strong-buy” rating in a report on Tuesday, February 18th. Seven investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Spyre Therapeutics has a consensus rating of “Buy” and an average target price of $50.33.

Spyre Therapeutics Stock Up 1.4 %

The firm has a 50 day moving average price of $20.54 and a 200 day moving average price of $25.59. The stock has a market capitalization of $1.08 billion, a PE ratio of -2.40 and a beta of 2.98.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SYRE. GF Fund Management CO. LTD. bought a new position in shares of Spyre Therapeutics during the 4th quarter worth approximately $29,000. Huntington National Bank bought a new stake in Spyre Therapeutics during the fourth quarter worth $34,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in Spyre Therapeutics during the fourth quarter worth $46,000. KLP Kapitalforvaltning AS purchased a new position in Spyre Therapeutics in the fourth quarter worth $182,000. Finally, Tower Research Capital LLC TRC grew its stake in Spyre Therapeutics by 1,548.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 8,574 shares of the company’s stock valued at $200,000 after purchasing an additional 8,054 shares during the period. 80.39% of the stock is currently owned by hedge funds and other 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).