Prosight Management LP Buys New Shares in Spyre Therapeutics, Inc. (NASDAQ:SYRE)

Prosight Management LP bought a new stake in Spyre Therapeutics, Inc. (NASDAQ:SYRE) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 80,000 shares of the company’s stock, valued at approximately $1,862,000. Spyre Therapeutics comprises about 0.5% of Prosight Management LP’s investment portfolio, making the stock its 29th biggest holding. Prosight Management LP owned approximately 0.16% of Spyre Therapeutics as of its most recent filing with the Securities & Exchange Commission.

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

Wall Street Analysts Forecast Growth

Several research firms recently commented on SYRE. Wolfe Research began coverage on Spyre Therapeutics in a research note on Tuesday, March 18th. They issued an “outperform” rating and a $27.00 target price for the company. Leerink Partners began coverage on Spyre Therapeutics in a research note on Tuesday, April 8th. They set an “outperform” rating and a $45.00 price target for the company. Leerink Partnrs upgraded Spyre Therapeutics to a “strong-buy” rating in a research note on Tuesday, April 8th. The Goldman Sachs Group upgraded Spyre Therapeutics to a “strong-buy” rating in a research note on Tuesday, February 18th. Finally, Wedbush restated an “outperform” rating and set a $65.00 price target on shares of Spyre Therapeutics in a research note on Monday, May 5th. Six analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Spyre Therapeutics currently has a consensus rating of “Buy” and a consensus target price of $53.40.

Spyre Therapeutics Stock Performance

SYRE stock opened at $14.80 on Thursday. Spyre Therapeutics, Inc. has a 1 year low of $10.91 and a 1 year high of $40.49. The firm has a market cap of $892.08 million, a P/E ratio of -1.98 and a beta of 2.78. The stock has a 50-day simple moving average of $15.07 and a 200-day simple moving average of $21.73.

Spyre Therapeutics (NASDAQ:SYRE) last posted its earnings results on Thursday, May 8th. The company reported ($0.74) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.02. On average, equities research analysts predict that Spyre Therapeutics, Inc. will post -4.46 EPS for the current year.

Spyre Therapeutics 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).