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

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) have been assigned a consensus recommendation of “Buy” from the nine research firms that are covering the company, MarketBeat reports. Nine research analysts have rated the stock with a buy rating. The average 12 month price target among analysts that have covered the stock in the last year is $43.17.

A number of brokerages recently commented on SYRE. BTIG Research lifted their price objective on Spyre Therapeutics from $32.00 to $40.00 and gave the stock a “buy” rating in a research report on Friday, May 10th. Robert W. Baird started coverage on Spyre Therapeutics in a report on Thursday, May 2nd. They set an “outperform” rating and a $50.00 price target on the stock. Evercore ISI assumed coverage on shares of Spyre Therapeutics in a report on Tuesday, July 16th. They issued an “outperform” rating for the company. Finally, Wells Fargo & Company lifted their target price on shares of Spyre Therapeutics from $35.00 to $40.00 and gave the stock an “overweight” rating in a research note on Monday, May 13th.

Institutional Trading of Spyre Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the stock. Amalgamated Bank purchased a new position in Spyre Therapeutics during the second quarter worth about $28,000. Quest Partners LLC purchased a new position in shares of Spyre Therapeutics during the 2nd quarter worth approximately $36,000. SG Americas Securities LLC purchased a new position in shares of Spyre Therapeutics during the 2nd quarter worth approximately $130,000. Carlyle Group Inc. acquired a new stake in Spyre Therapeutics in the 2nd quarter valued at approximately $227,000. Finally, Profund Advisors LLC purchased a new stake in Spyre Therapeutics in the second quarter valued at approximately $296,000. 80.39% of the stock is currently owned by hedge funds and other institutional investors.

Spyre Therapeutics Trading Up 3.1 %

NASDAQ:SYRE opened at $25.53 on Monday. The company has a market cap of $1.03 billion, a P/E ratio of -0.36 and a beta of 2.93. Spyre Therapeutics has a twelve month low of $8.43 and a twelve month high of $47.97. The company’s 50-day moving average price is $26.75 and its 200-day moving average price is $31.51.

Spyre Therapeutics (NASDAQ:SYRE) last released its earnings results on Wednesday, August 7th. The company reported ($0.86) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.90) by $0.04. On average, analysts expect that Spyre Therapeutics will post -3.82 earnings per share for the current year.

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).