Spyre Therapeutics, Inc. (NASDAQ:SYRE) Receives Consensus Rating of “Buy” from Brokerages

Spyre Therapeutics, Inc. (NASDAQ:SYRE) has been assigned an average recommendation of “Buy” from the eight brokerages that are currently covering the firm, Marketbeat reports. Eight equities research analysts have rated the stock with a buy recommendation. The average 1 year price target among brokers that have issued a report on the stock in the last year is $48.57.

A number of equities research analysts recently weighed in on SYRE shares. Wedbush reaffirmed an “outperform” rating and issued a $45.00 target price on shares of Spyre Therapeutics in a research note on Friday, November 8th. Guggenheim raised their price objective on shares of Spyre Therapeutics from $50.00 to $65.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Finally, Robert W. Baird upped their target price on shares of Spyre Therapeutics from $50.00 to $65.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th.

Institutional Trading of Spyre Therapeutics

Several hedge funds have recently added to or reduced their stakes in SYRE. Avoro Capital Advisors LLC purchased a new position in shares of Spyre Therapeutics in the second quarter worth about $43,238,000. Assenagon Asset Management S.A. bought a new position in Spyre Therapeutics during the 3rd quarter worth approximately $33,609,000. Wellington Management Group LLP increased its stake in Spyre Therapeutics by 89.4% in the 3rd quarter. Wellington Management Group LLP now owns 1,507,200 shares of the company’s stock worth $44,327,000 after purchasing an additional 711,254 shares during the period. Driehaus Capital Management LLC bought a new stake in Spyre Therapeutics in the second quarter valued at approximately $16,153,000. Finally, Farallon Capital Management LLC purchased a new stake in shares of Spyre Therapeutics during the second quarter valued at approximately $15,658,000. 80.39% of the stock is owned by institutional investors.

Spyre Therapeutics Stock Down 1.4 %

NASDAQ:SYRE opened at $27.27 on Wednesday. The stock has a market cap of $1.40 billion, a P/E ratio of -3.65 and a beta of 2.82. The business’s 50-day moving average price is $31.03 and its two-hundred day moving average price is $29.70. Spyre Therapeutics has a twelve month low of $14.22 and a twelve month high of $47.97.

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).