Ikarian Capital LLC Acquires Shares of 302,247 Spyre Therapeutics, Inc. (NASDAQ:SYRE)

Ikarian Capital LLC acquired a new stake in Spyre Therapeutics, Inc. (NASDAQ:SYRE) in the 3rd quarter, according to its most recent disclosure with the SEC. The fund acquired 302,247 shares of the company’s stock, valued at approximately $8,889,000. Spyre Therapeutics makes up about 1.2% of Ikarian Capital LLC’s portfolio, making the stock its 15th largest holding.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in SYRE. Avoro Capital Advisors LLC acquired a new position in Spyre Therapeutics in the 2nd quarter valued at $43,238,000. Assenagon Asset Management S.A. acquired a new position in Spyre Therapeutics in the 3rd quarter valued at $33,609,000. Driehaus Capital Management LLC acquired a new position in Spyre Therapeutics in the 2nd quarter valued at $16,153,000. Farallon Capital Management LLC acquired a new position in Spyre Therapeutics in the 2nd quarter valued at $15,658,000. Finally, Logos Global Management LP acquired a new position in Spyre Therapeutics in the 2nd quarter valued at $13,518,000. 80.39% of the stock is owned by institutional investors and hedge funds.

Spyre Therapeutics Price Performance

SYRE traded up $0.93 on Tuesday, reaching $28.58. The stock had a trading volume of 44,725 shares, compared to its average volume of 526,145. Spyre Therapeutics, Inc. has a fifty-two week low of $14.22 and a fifty-two week high of $47.97. The firm has a 50-day moving average of $31.03 and a 200-day moving average of $29.70.

Analyst Upgrades and Downgrades

SYRE has been the subject of a number of research analyst reports. Wedbush reissued an “outperform” rating and set a $45.00 price target on shares of Spyre Therapeutics in a report on Friday, November 8th. Robert W. Baird boosted their price target on Spyre Therapeutics from $50.00 to $65.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Finally, Guggenheim boosted their price target on Spyre Therapeutics from $50.00 to $65.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Nine investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $48.57.

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).