Avoro Capital Advisors LLC Takes Position in Spyre Therapeutics, Inc. (NASDAQ:SYRE)

Avoro Capital Advisors LLC bought a new position in shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) in the 2nd quarter, HoldingsChannel reports. The institutional investor bought 1,839,138 shares of the company’s stock, valued at approximately $43,238,000. Spyre Therapeutics accounts for about 0.6% of Avoro Capital Advisors LLC’s portfolio, making the stock its 29th biggest position.

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

Wall Street Analyst Weigh In

SYRE has been the topic of a number of research analyst reports. Wedbush began 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 on the stock. Evercore ISI assumed coverage on shares of Spyre Therapeutics in a report on Tuesday, July 16th. They set an “outperform” rating on the stock. Ten analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $43.43.

Spyre Therapeutics Stock Performance

Shares of Spyre Therapeutics stock opened at $30.17 on Monday. The business’s 50 day moving average price is $27.99 and its 200 day moving average price is $31.89. The company has a market cap of $1.22 billion, a price-to-earnings ratio of -0.42 and a beta of 2.92. Spyre Therapeutics, Inc. has a one year low of $8.43 and a one year high of $47.97.

Spyre Therapeutics (NASDAQ:SYRE) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($0.86) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.90) by $0.04. On average, analysts predict 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).