Spyre Therapeutics, Inc. (NASDAQ:SYRE) Receives Consensus Recommendation of “Buy” from Brokerages

Spyre Therapeutics, Inc. (NASDAQ:SYRE) has been given an average rating of “Buy” by the eight ratings firms that are currently covering the firm, MarketBeat Ratings reports. Eight research analysts have rated the stock with a buy recommendation. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $48.57.

Several equities research analysts have weighed in on the company. Guggenheim increased their price objective on Spyre Therapeutics from $50.00 to $65.00 and gave the stock a “buy” rating in a report on Friday, October 25th. Wedbush reiterated an “outperform” rating and issued a $45.00 price target on shares of Spyre Therapeutics in a report on Friday, November 8th. Finally, Robert W. Baird boosted their price objective on shares of Spyre Therapeutics from $50.00 to $65.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th.

Hedge Funds Weigh In On Spyre Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Franklin Resources Inc. grew its position in shares of Spyre Therapeutics by 2.5% in the 3rd quarter. Franklin Resources Inc. now owns 760,666 shares of the company’s stock worth $23,322,000 after buying an additional 18,762 shares during the period. Teachers Retirement System of The State of Kentucky bought a new stake in Spyre Therapeutics during the third quarter worth about $622,000. Geode Capital Management LLC grew its holdings in Spyre Therapeutics by 16.4% in the third quarter. Geode Capital Management LLC now owns 891,048 shares of the company’s stock worth $26,211,000 after purchasing an additional 125,214 shares during the period. Barclays PLC increased its stake in shares of Spyre Therapeutics by 64.7% during the third quarter. Barclays PLC now owns 105,467 shares of the company’s stock valued at $3,101,000 after purchasing an additional 41,424 shares in the last quarter. Finally, Jane Street Group LLC lifted its holdings in shares of Spyre Therapeutics by 78.7% during the third quarter. Jane Street Group LLC now owns 20,641 shares of the company’s stock valued at $607,000 after purchasing an additional 9,090 shares during the last quarter. Hedge funds and other institutional investors own 80.39% of the company’s stock.

Spyre Therapeutics Trading Down 1.4 %

Spyre Therapeutics stock opened at $27.27 on Wednesday. Spyre Therapeutics has a 1-year low of $14.22 and a 1-year high of $47.97. The firm has a market cap of $1.40 billion, a P/E ratio of -3.65 and a beta of 2.82. The firm has a 50-day moving average of $31.03 and a 200-day moving average of $29.70.

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).