Spyre Therapeutics (NASDAQ:SYRE) Shares Gap Up on Analyst Upgrade

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s share price gapped up before the market opened on Friday after Guggenheim raised their price target on the stock from $50.00 to $65.00. The stock had previously closed at $33.70, but opened at $34.86. Guggenheim currently has a buy rating on the stock. Spyre Therapeutics shares last traded at $35.76, with a volume of 29,172 shares traded.

Several other equities research analysts also recently weighed in on SYRE. Evercore ISI assumed coverage on Spyre Therapeutics in a report on Tuesday, July 16th. They set an “outperform” rating on the stock. Wedbush initiated coverage on Spyre Therapeutics in a research report on Wednesday, September 4th. They issued an “outperform” rating and a $45.00 target price for the company. Ten research analysts have rated the stock with a buy rating, According to MarketBeat, Spyre Therapeutics currently has a consensus rating of “Buy” and an average target price of $46.43.

Institutional Inflows and Outflows

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

Spyre Therapeutics Price Performance

The company’s 50-day moving average price is $29.09 and its two-hundred day moving average price is $30.40. The company has a market capitalization of $1.40 billion, a price-to-earnings ratio of -0.49 and a beta of 2.92.

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

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).