Spyre Therapeutics (NASDAQ:SYRE) Earns Outperform Rating from Analysts at Wolfe Research

Wolfe Research initiated coverage on shares of Spyre Therapeutics (NASDAQ:SYRE) in a research note issued to investors on Tuesday, Marketbeat.com reports. The brokerage set an “outperform” rating and a $27.00 price target on the stock. Wolfe Research’s price target points to a potential upside of 46.74% from the company’s previous close.

Several other research analysts have also recently issued reports on SYRE. The Goldman Sachs Group raised shares of Spyre Therapeutics to a “strong-buy” rating in a report on Tuesday, February 18th. Wedbush restated an “outperform” rating and issued a $65.00 price objective on shares of Spyre Therapeutics in a report on Monday, January 13th. Eight analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $50.86.

Spyre Therapeutics Stock Up 2.7 %

Spyre Therapeutics stock opened at $18.40 on Tuesday. The stock’s 50 day moving average is $21.05 and its 200 day moving average is $26.07. The company has a market capitalization of $1.11 billion, a P/E ratio of -2.46 and a beta of 2.98. Spyre Therapeutics has a twelve month low of $17.24 and a twelve month high of $43.00.

Spyre Therapeutics (NASDAQ:SYRE) last released its earnings results on Thursday, February 27th. The company reported ($0.81) EPS for the quarter, topping analysts’ consensus estimates of ($0.89) by $0.08. As a group, equities analysts expect that Spyre Therapeutics will post -4.46 EPS for the current year.

Hedge Funds Weigh In On Spyre Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of SYRE. Quest Partners LLC lifted its holdings in Spyre Therapeutics by 271.2% in the third quarter. Quest Partners LLC now owns 5,654 shares of the company’s stock valued at $166,000 after acquiring an additional 4,131 shares during the period. Intech Investment Management LLC bought a new position in shares of Spyre Therapeutics in the 3rd quarter worth approximately $246,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Spyre Therapeutics by 239.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 333,275 shares of the company’s stock worth $9,802,000 after purchasing an additional 235,094 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in shares of Spyre Therapeutics by 15.0% in the third quarter. The Manufacturers Life Insurance Company now owns 43,460 shares of the company’s stock worth $1,278,000 after buying an additional 5,678 shares during the last quarter. Finally, FMR LLC grew its position in Spyre Therapeutics by 1.5% during the third quarter. FMR LLC now owns 7,623,881 shares of the company’s stock valued at $224,218,000 after buying an additional 115,898 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).