Spyre Therapeutics (NASDAQ:SYRE) Price Target Raised to $65.00 at Guggenheim

Spyre Therapeutics (NASDAQ:SYRE) had its target price lifted by investment analysts at Guggenheim from $50.00 to $65.00 in a report released on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Guggenheim’s target price would indicate a potential upside of 86.73% from the stock’s previous close.

SYRE has been the topic of several other research reports. Evercore ISI began coverage on shares of Spyre Therapeutics in a report on Tuesday, July 16th. They set an “outperform” rating on the stock. Wedbush began coverage on Spyre Therapeutics in a report on Wednesday, September 4th. They issued an “outperform” rating and a $45.00 price objective on the stock. Ten research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Spyre Therapeutics has an average rating of “Buy” and an average target price of $46.43.

Spyre Therapeutics Stock Up 3.3 %

SYRE opened at $34.81 on Friday. The business’s fifty day simple moving average is $29.09 and its 200 day simple moving average is $30.40. Spyre Therapeutics has a 52 week low of $8.43 and a 52 week high of $47.97. The stock has a market cap of $1.40 billion, a PE ratio of -0.49 and a beta of 2.92.

Spyre Therapeutics (NASDAQ:SYRE) last announced its quarterly earnings data on Wednesday, August 7th. The company reported ($0.86) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.90) by $0.04. As a group, equities analysts anticipate that Spyre Therapeutics will post -3.68 earnings per share for the current year.

Institutional Trading of Spyre Therapeutics

A number of institutional investors have recently modified their holdings of SYRE. Assenagon Asset Management S.A. purchased a new position in Spyre Therapeutics during the 3rd quarter valued at about $33,609,000. SG Americas Securities LLC grew its position in shares of Spyre Therapeutics by 127.0% in the 3rd quarter. SG Americas Securities LLC now owns 12,589 shares of the company’s stock worth $370,000 after buying an additional 7,044 shares during the last quarter. Perceptive Advisors LLC increased its stake in shares of Spyre Therapeutics by 18.6% during the second quarter. Perceptive Advisors LLC now owns 3,031,018 shares of the company’s stock valued at $71,259,000 after buying an additional 474,339 shares during the period. Driehaus Capital Management LLC bought a new position in shares of Spyre Therapeutics during the second quarter valued at approximately $16,153,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in Spyre Therapeutics in the second quarter worth $888,000. 80.39% of the stock is currently owned by hedge funds and other institutional investors.

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).