Adage Capital Partners GP L.L.C. Lowers Holdings in Spyre Therapeutics, Inc. (NASDAQ:SYRE)

Adage Capital Partners GP L.L.C. reduced its stake in Spyre Therapeutics, Inc. (NASDAQ:SYRE) by 2.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,030,000 shares of the company’s stock after selling 25,000 shares during the period. Adage Capital Partners GP L.L.C. owned approximately 2.00% of Spyre Therapeutics worth $23,978,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Huntington National Bank purchased a new stake in Spyre Therapeutics during the 4th quarter valued at about $34,000. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Spyre Therapeutics in the fourth quarter worth approximately $46,000. KLP Kapitalforvaltning AS purchased a new stake in shares of Spyre Therapeutics during the fourth quarter valued at approximately $182,000. Tower Research Capital LLC TRC increased its position in shares of Spyre Therapeutics by 1,548.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 8,574 shares of the company’s stock valued at $200,000 after acquiring an additional 8,054 shares in the last quarter. Finally, Arizona State Retirement System raised its holdings in Spyre Therapeutics by 38.4% in the 4th quarter. Arizona State Retirement System now owns 10,115 shares of the company’s stock worth $235,000 after acquiring an additional 2,805 shares during the last quarter. 80.39% of the stock is currently owned by institutional investors.

Spyre Therapeutics Stock Down 5.4 %

Shares of NASDAQ:SYRE opened at $14.13 on Friday. The firm’s 50 day moving average price is $16.57 and its 200-day moving average price is $23.29. The stock has a market capitalization of $851.70 million, a PE ratio of -1.89 and a beta of 3.05. Spyre Therapeutics, Inc. has a twelve month low of $10.91 and a twelve month high of $40.49.

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

Analysts Set New Price Targets

Several analysts have commented on SYRE shares. Wolfe Research began coverage on Spyre Therapeutics in a research note on Tuesday, March 18th. 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 report on Tuesday, February 18th. Leerink Partnrs upgraded shares of Spyre Therapeutics to a “strong-buy” rating in a research note on Tuesday, April 8th. Wedbush reiterated an “outperform” rating and issued a $65.00 price target on shares of Spyre Therapeutics in a research note on Monday, January 13th. Finally, Leerink Partners initiated coverage on shares of Spyre Therapeutics in a report on Tuesday, April 8th. They set an “outperform” rating and a $45.00 price objective for the company. Eight equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Spyre Therapeutics has an average rating of “Buy” and an average price target of $49.57.

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).