Wolfe Research Initiates Coverage on Spyre Therapeutics (NASDAQ:SYRE)

Wolfe Research assumed coverage on shares of Spyre Therapeutics (NASDAQ:SYRE) in a research report issued on Tuesday, Marketbeat.com reports. The brokerage set an “outperform” rating and a $27.00 price target on the stock. Wolfe Research’s price objective suggests a potential upside of 46.74% from the company’s previous close.

Several other equities research analysts have also issued reports on the stock. The Goldman Sachs Group upgraded shares of Spyre Therapeutics to a “strong-buy” rating in a research report on Tuesday, February 18th. Wedbush reiterated an “outperform” rating and set a $65.00 price target on shares of Spyre Therapeutics in a research report on Monday, January 13th. Eight research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Buy” and an average target price of $50.86.

Spyre Therapeutics Trading Up 2.7 %

Spyre Therapeutics stock opened at $18.40 on Tuesday. The firm has a market capitalization of $1.11 billion, a price-to-earnings ratio of -2.46 and a beta of 2.98. The firm has a 50 day simple moving average of $21.05 and a 200 day simple moving average of $26.07. Spyre Therapeutics has a 1-year low of $17.24 and a 1-year high of $43.00.

Spyre Therapeutics (NASDAQ:SYRE) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.81) EPS for the quarter, beating analysts’ consensus estimates of ($0.89) by $0.08. On average, equities research analysts forecast that Spyre Therapeutics will post -4.46 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. GF Fund Management CO. LTD. purchased a new stake in shares of Spyre Therapeutics during the fourth quarter worth about $29,000. Huntington National Bank bought a new position in shares of Spyre Therapeutics during the fourth quarter valued at approximately $34,000. Mirae Asset Global Investments Co. Ltd. bought a new stake in Spyre Therapeutics in the fourth quarter valued at $46,000. Quest Partners LLC increased its position in Spyre Therapeutics by 271.2% during the 3rd 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 period. Finally, KLP Kapitalforvaltning AS purchased a new position in Spyre Therapeutics during the 4th quarter valued at $182,000. Institutional investors own 80.39% of the company’s stock.

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).