Spyre Therapeutics (NASDAQ:SYRE) Trading 2.5% Higher

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) shot up 2.5% during mid-day trading on Thursday . The company traded as high as $28.52 and last traded at $28.38. 15,269 shares were traded during mid-day trading, a decline of 97% from the average session volume of 521,703 shares. The stock had previously closed at $27.68.

Analyst Upgrades and Downgrades

SYRE has been the topic of several analyst reports. Evercore ISI began coverage on shares of Spyre Therapeutics in a report on Tuesday, July 16th. They issued an “outperform” rating on the stock. Wedbush initiated coverage on shares of Spyre Therapeutics in a report on Wednesday, September 4th. They issued an “outperform” rating and a $45.00 price objective on the stock. Ten equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $43.43.

Spyre Therapeutics Trading Up 3.2 %

The stock has a fifty day simple moving average of $27.67 and a two-hundred day simple moving average of $31.22. The company has a market cap of $1.15 billion, a PE ratio of -0.40 and a beta of 2.92.

Spyre Therapeutics (NASDAQ:SYRE) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.86) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.90) by $0.04. As a group, equities research analysts anticipate that Spyre Therapeutics, Inc. will post -3.68 EPS for the current fiscal year.

Hedge Funds Weigh In On Spyre Therapeutics

A number of institutional investors and hedge funds have recently made changes to their positions in SYRE. Avoro Capital Advisors LLC purchased a new stake in Spyre Therapeutics during the second quarter worth about $43,238,000. Driehaus Capital Management LLC acquired a new stake in shares of Spyre Therapeutics during the 2nd quarter valued at approximately $16,153,000. Farallon Capital Management LLC purchased a new stake in shares of Spyre Therapeutics during the 2nd quarter worth approximately $15,658,000. Logos Global Management LP acquired a new stake in shares of Spyre Therapeutics in the 2nd quarter worth approximately $13,518,000. Finally, Affinity Asset Advisors LLC purchased a new position in shares of Spyre Therapeutics in the second quarter valued at $12,071,000. 80.39% of the stock is owned by institutional investors and hedge funds.

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).