Spyre Therapeutics (NASDAQ:SYRE) Shares Up 9.4% – Here’s What Happened

Spyre Therapeutics, Inc. (NASDAQ:SYRE) was up 9.4% during trading on Tuesday . The company traded as high as $22.60 and last traded at $22.57. Approximately 198,971 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 548,306 shares. The stock had previously closed at $20.62.

Wall Street Analyst Weigh In

SYRE has been the subject of several recent research reports. Robert W. Baird increased their target price on shares of Spyre Therapeutics from $50.00 to $65.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Wedbush reiterated an “outperform” rating and issued a $65.00 target price on shares of Spyre Therapeutics in a research note on Monday, January 13th. Finally, Guggenheim upped their price target on Spyre Therapeutics from $50.00 to $65.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of $54.83.

Spyre Therapeutics Stock Down 0.0 %

The company has a market cap of $1.12 billion, a price-to-earnings ratio of -2.92 and a beta of 2.86. The business has a fifty day simple moving average of $24.72 and a 200 day simple moving average of $27.93.

Spyre Therapeutics (NASDAQ:SYRE) last released its quarterly earnings results on Thursday, November 7th. The company reported ($1.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.80) by ($0.56). Equities analysts anticipate that Spyre Therapeutics, Inc. will post -4.46 EPS for the current fiscal year.

Institutional Trading of Spyre Therapeutics

A number of large investors have recently made changes to their positions in the stock. Amalgamated Bank acquired a new position in Spyre Therapeutics in the second quarter valued at $28,000. Ensign Peak Advisors Inc purchased a new stake in Spyre Therapeutics in the second quarter valued at approximately $1,939,000. Profund Advisors LLC purchased a new stake in Spyre Therapeutics in the second quarter valued at approximately $296,000. Affinity Asset Advisors LLC acquired a new stake in shares of Spyre Therapeutics during the 2nd quarter worth $12,071,000. Finally, Armistice Capital LLC purchased a new stake in Spyre Therapeutics during the second quarter valued at about $3,197,000. Institutional investors and hedge funds 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).