Spyre Therapeutics (NASDAQ:SYRE) Shares Gap Up – What’s Next?

Spyre Therapeutics, Inc. (NASDAQ:SYRE) shares gapped up prior to trading on Friday . The stock had previously closed at $33.70, but opened at $34.86. Spyre Therapeutics shares last traded at $35.76, with a volume of 29,172 shares traded.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Wedbush assumed coverage on shares of Spyre Therapeutics in a report on Wednesday, September 4th. They set an “outperform” rating and a $45.00 price target for the company. Evercore ISI assumed coverage on shares of Spyre Therapeutics in a research note on Tuesday, July 16th. They issued an “outperform” rating for the company. Ten equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $43.43.

Spyre Therapeutics Trading Up 6.8 %

The company has a market capitalization of $1.45 billion, a price-to-earnings ratio of -0.50 and a beta of 2.92. The company has a 50 day moving average price of $28.91 and a 200 day moving average price of $30.48.

Spyre Therapeutics (NASDAQ:SYRE) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($0.86) earnings per share for the quarter, topping the consensus estimate of ($0.90) by $0.04. Equities analysts predict that Spyre Therapeutics, Inc. will post -3.68 earnings per share for the current year.

Hedge Funds Weigh In On Spyre Therapeutics

Several large investors have recently bought and sold shares of SYRE. Avoro Capital Advisors LLC bought a new stake in shares of Spyre Therapeutics during the 2nd quarter valued at $43,238,000. Assenagon Asset Management S.A. acquired a new position in Spyre Therapeutics in the third quarter valued at about $33,609,000. Driehaus Capital Management LLC bought a new position in Spyre Therapeutics during the second quarter worth about $16,153,000. Farallon Capital Management LLC bought a new stake in shares of Spyre Therapeutics in the 2nd quarter valued at about $15,658,000. Finally, Logos Global Management LP acquired a new stake in shares of Spyre Therapeutics in the 2nd quarter valued at approximately $13,518,000. 80.39% of the stock is currently owned by institutional investors and hedge funds.

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).