Spyre Therapeutics, Inc. (NASDAQ:SYRE) Given Average Rating of “Buy” by Brokerages

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) have been assigned a consensus rating of “Buy” from the nine brokerages that are covering the stock, Marketbeat Ratings reports. Nine analysts have rated the stock with a buy recommendation. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $43.17.

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

Spyre Therapeutics Trading Up 3.1 %

SYRE opened at $25.53 on Monday. The stock has a 50-day moving average of $26.75 and a 200 day moving average of $31.51. Spyre Therapeutics has a 12 month low of $8.43 and a 12 month high of $47.97. The firm has a market cap of $1.03 billion, a P/E ratio of -0.36 and a beta of 2.93.

Spyre Therapeutics (NASDAQ:SYRE) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.86) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.90) by $0.04. On average, research analysts forecast that Spyre Therapeutics will post -3.82 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SYRE. Avoro Capital Advisors LLC purchased a new stake in Spyre Therapeutics in the 2nd quarter valued at about $43,238,000. Driehaus Capital Management LLC purchased a new position in shares of Spyre Therapeutics during the second quarter worth approximately $16,153,000. Farallon Capital Management LLC bought a new stake in shares of Spyre Therapeutics during the second quarter valued at approximately $15,658,000. Logos Global Management LP purchased a new stake in shares of Spyre Therapeutics in the second quarter valued at approximately $13,518,000. Finally, Affinity Asset Advisors LLC bought a new position in Spyre Therapeutics in the second quarter worth approximately $12,071,000. Hedge funds and other 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).