Spyre Therapeutics (NASDAQ:SYRE) Shares Gap Up – Here’s Why

Spyre Therapeutics, Inc. (NASDAQ:SYRE) shares gapped up before the market opened on Friday . The stock had previously closed at $17.69, but opened at $18.18. Spyre Therapeutics shares last traded at $17.44, with a volume of 14,384 shares changing hands.

Analyst Ratings Changes

Several brokerages have weighed in on SYRE. Wolfe Research started coverage on Spyre Therapeutics in a research note on Tuesday, March 18th. They issued an “outperform” rating and a $27.00 target price on the stock. Wedbush reissued an “outperform” rating and set a $65.00 price target on shares of Spyre Therapeutics in a report on Monday, January 13th. Finally, The Goldman Sachs Group upgraded Spyre Therapeutics to a “strong-buy” rating in a research report on Tuesday, February 18th. Seven analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Spyre Therapeutics has an average rating of “Buy” and a consensus target price of $50.33.

Spyre Therapeutics Price Performance

The firm has a market cap of $1.09 billion, a PE ratio of -2.42 and a beta of 2.98. The business has a 50-day moving average price of $20.60 and a two-hundred day moving average price of $25.67.

Spyre Therapeutics (NASDAQ:SYRE) last announced its earnings results on Thursday, February 27th. The company reported ($0.81) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.89) by $0.08. Equities analysts expect that Spyre Therapeutics, Inc. will post -4.46 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Spyre Therapeutics

Large investors have recently bought and sold shares of the stock. GF Fund Management CO. LTD. purchased a new stake in shares of Spyre Therapeutics in the fourth quarter valued at $29,000. Huntington National Bank acquired a new position in Spyre Therapeutics in the 4th quarter valued at about $34,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in Spyre Therapeutics in the 4th quarter valued at about $46,000. Quest Partners LLC lifted its holdings in Spyre Therapeutics by 271.2% in the 3rd quarter. Quest Partners LLC now owns 5,654 shares of the company’s stock valued at $166,000 after purchasing an additional 4,131 shares in the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Spyre Therapeutics during the 4th quarter worth about $182,000. Institutional investors and hedge funds own 80.39% of the company’s stock.

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).