Spyre Therapeutics (NASDAQ:SYRE) Trading 6.6% Higher After Strong Earnings

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s stock price rose 6.6% during trading on Friday after the company announced better than expected quarterly earnings. The company traded as high as $19.98 and last traded at $19.58. Approximately 166,624 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 587,481 shares. The stock had previously closed at $18.37.

The company reported ($0.81) EPS for the quarter, topping the consensus estimate of ($0.89) by $0.08.

Wall Street Analysts Forecast Growth

SYRE has been the topic of a number of recent analyst reports. Robert W. Baird upped their price objective on Spyre Therapeutics from $50.00 to $65.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Wedbush reaffirmed an “outperform” rating and set a $65.00 price objective on shares of Spyre Therapeutics in a report on Monday, January 13th. Finally, The Goldman Sachs Group raised Spyre Therapeutics to a “strong-buy” rating in a report on Tuesday, February 18th. Seven investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $54.83.

Institutional Trading of Spyre Therapeutics

Several large investors have recently bought and sold shares of SYRE. Emerald Mutual Fund Advisers Trust acquired a new stake in Spyre Therapeutics in the third quarter valued at $7,457,000. Emerald Advisers LLC acquired a new stake in Spyre Therapeutics in the third quarter valued at $8,604,000. Quest Partners LLC grew 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 purchasing an additional 4,131 shares during the last quarter. Intech Investment Management LLC acquired a new stake in Spyre Therapeutics in the third quarter valued at $246,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in Spyre Therapeutics by 239.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 333,275 shares of the company’s stock valued at $9,802,000 after purchasing an additional 235,094 shares during the last quarter. Institutional investors and hedge funds own 80.39% of the company’s stock.

Spyre Therapeutics Stock Up 7.2 %

The company has a market cap of $1.01 billion, a price-to-earnings ratio of -2.64 and a beta of 2.85. The company has a fifty day simple moving average of $22.36 and a two-hundred day simple moving average of $26.81.

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).