Spyre Therapeutics (NASDAQ:SYRE) Shares Gap Up to $26.60

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s stock price gapped up prior to trading on Wednesday . The stock had previously closed at $26.60, but opened at $27.14. Spyre Therapeutics shares last traded at $27.58, with a volume of 8,233 shares trading hands.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SYRE. Wells Fargo & Company boosted their price objective on Spyre Therapeutics from $35.00 to $40.00 and gave the company an “overweight” rating in a research note on Monday, May 13th. Evercore ISI started coverage on Spyre Therapeutics in a research note on Tuesday, July 16th. They issued an “outperform” rating on the stock. BTIG Research upped their price target on Spyre Therapeutics from $32.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. Finally, Wedbush started coverage on Spyre Therapeutics in a research note on Wednesday. They set an “outperform” rating and a $45.00 price target on the stock. Ten analysts have rated the stock with a buy rating, According to data from MarketBeat, Spyre Therapeutics presently has an average rating of “Buy” and a consensus target price of $43.43.

Spyre Therapeutics Trading Up 6.0 %

The business has a fifty day simple moving average of $27.17 and a 200 day simple moving average of $31.74. The stock has a market capitalization of $1.43 billion, a P/E ratio of -0.40 and a beta of 2.93.

Spyre Therapeutics (NASDAQ:SYRE) last issued its quarterly earnings data on Wednesday, August 7th. The company reported ($0.86) EPS for the quarter, topping analysts’ consensus estimates of ($0.90) by $0.04. As a group, research analysts forecast that Spyre Therapeutics, Inc. will post -3.96 earnings per share for the current year.

Hedge Funds Weigh In On Spyre Therapeutics

Several institutional investors have recently modified their holdings of the business. Perceptive Advisors LLC grew its holdings in shares of Spyre Therapeutics by 18.6% in the second quarter. Perceptive Advisors LLC now owns 3,031,018 shares of the company’s stock valued at $71,259,000 after acquiring an additional 474,339 shares in the last quarter. Avoro Capital Advisors LLC bought a new position in Spyre Therapeutics during the second quarter valued at $43,238,000. Driehaus Capital Management LLC bought a new position in Spyre Therapeutics during the second quarter valued at $16,153,000. Farallon Capital Management LLC bought a new position in Spyre Therapeutics during the second quarter valued at $15,658,000. Finally, Logos Global Management LP bought a new position in Spyre Therapeutics during the second quarter valued at $13,518,000. 80.39% of the stock is owned by institutional investors.

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).