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

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $18.54, but opened at $19.00. Spyre Therapeutics shares last traded at $18.30, with a volume of 75,636 shares.

Analyst Upgrades and Downgrades

SYRE has been the topic of several analyst reports. Wolfe Research assumed coverage on Spyre Therapeutics in a report on Tuesday. They set an “outperform” rating and a $27.00 target price on the stock. The Goldman Sachs Group upgraded Spyre Therapeutics to a “strong-buy” rating in a research report on Tuesday, February 18th. Finally, Wedbush reiterated an “outperform” rating and set a $65.00 price target on shares of Spyre Therapeutics in a research report on Monday, January 13th. Eight investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and an average target price of $50.86.

Spyre Therapeutics Stock Down 1.2 %

The firm has a market cap of $1.10 billion, a PE ratio of -2.45 and a beta of 2.98. The firm has a 50-day moving average price of $21.29 and a two-hundred day moving average price of $26.20.

Spyre Therapeutics (NASDAQ:SYRE) last released its earnings results on Thursday, February 27th. The company reported ($0.81) earnings per share for the quarter, beating the consensus estimate of ($0.89) by $0.08. Research analysts forecast that Spyre Therapeutics, Inc. will post -4.46 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spyre Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in the company. FMR LLC lifted its position in shares of Spyre Therapeutics by 15.4% in the fourth quarter. FMR LLC now owns 8,801,266 shares of the company’s stock valued at $204,893,000 after acquiring an additional 1,177,385 shares in the last quarter. RTW Investments LP lifted its position in Spyre Therapeutics by 11.2% during the fourth quarter. RTW Investments LP now owns 3,621,996 shares of the company’s stock worth $84,320,000 after buying an additional 363,636 shares in the last quarter. Vanguard Group Inc. lifted its position in Spyre Therapeutics by 13.1% during the fourth quarter. Vanguard Group Inc. now owns 2,846,473 shares of the company’s stock worth $66,266,000 after buying an additional 330,553 shares in the last quarter. Driehaus Capital Management LLC lifted its position in Spyre Therapeutics by 308.1% during the fourth quarter. Driehaus Capital Management LLC now owns 2,803,655 shares of the company’s stock worth $65,269,000 after buying an additional 2,116,575 shares in the last quarter. Finally, Braidwell LP lifted its position in Spyre Therapeutics by 17.7% during the fourth quarter. Braidwell LP now owns 2,578,404 shares of the company’s stock worth $60,025,000 after buying an additional 388,568 shares in the last quarter. Hedge funds and other institutional investors own 80.39% of the company’s stock.

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).