Spyre Therapeutics (NASDAQ:SYRE) Shares Gap Up on Analyst Upgrade

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s stock price gapped up prior to trading on Friday after Guggenheim raised their price target on the stock from $50.00 to $65.00. The stock had previously closed at $33.70, but opened at $34.86. Guggenheim currently has a buy rating on the stock. Spyre Therapeutics shares last traded at $35.76, with a volume of 29,172 shares trading hands.

SYRE has been the subject of several other reports. Wedbush started coverage on shares of Spyre Therapeutics in a research note on Wednesday, September 4th. They issued an “outperform” rating and a $45.00 price target for the company. Evercore ISI began coverage on Spyre Therapeutics in a research report on Tuesday, July 16th. They issued an “outperform” rating for the company. Ten equities research analysts have rated the stock with a buy rating, According to MarketBeat, Spyre Therapeutics has an average rating of “Buy” and an average price target of $46.43.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SYRE. Avoro Capital Advisors LLC acquired a new stake in shares of Spyre Therapeutics in the 2nd quarter worth about $43,238,000. Assenagon Asset Management S.A. purchased a new stake in shares of Spyre Therapeutics in the third quarter worth approximately $33,609,000. Driehaus Capital Management LLC purchased a new stake in shares of Spyre Therapeutics in the second quarter worth approximately $16,153,000. Farallon Capital Management LLC bought a new position in shares of Spyre Therapeutics in the second quarter valued at approximately $15,658,000. Finally, Logos Global Management LP purchased a new position in shares of Spyre Therapeutics during the second quarter valued at approximately $13,518,000. 80.39% of the stock is currently owned by institutional investors and hedge funds.

Spyre Therapeutics Price Performance

The firm has a market cap of $1.40 billion, a P/E ratio of -0.49 and a beta of 2.92. The company has a fifty day moving average of $29.09 and a 200-day moving average of $30.40.

Spyre Therapeutics (NASDAQ:SYRE) last posted its earnings results on Wednesday, August 7th. The company reported ($0.86) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.90) by $0.04. On average, sell-side analysts expect that Spyre Therapeutics, Inc. will post -3.68 EPS for the current fiscal year.

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).