Spyre Therapeutics (NASDAQ:SYRE) Sees Unusually-High Trading Volume – Here’s What Happened

Spyre Therapeutics, Inc. (NASDAQ:SYRE) shares saw unusually-high trading volume on Tuesday . Approximately 638,814 shares changed hands during mid-day trading, an increase of 58% from the previous session’s volume of 404,651 shares.The stock last traded at $25.85 and had previously closed at $24.42.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SYRE. Robert W. Baird increased their price objective on Spyre Therapeutics from $50.00 to $65.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Guggenheim raised their price target on shares of Spyre Therapeutics from $50.00 to $65.00 and gave the company a “buy” rating in a report on Friday, October 25th. Finally, Wedbush reiterated an “outperform” rating and issued a $45.00 price objective on shares of Spyre Therapeutics in a report on Friday, November 8th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $51.50.

Spyre Therapeutics Price Performance

The firm has a market cap of $1.26 billion, a P/E ratio of -3.27 and a beta of 2.86. The company’s 50 day moving average is $28.18 and its two-hundred day moving average is $28.18.

Hedge Funds Weigh In On Spyre Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the business. Driehaus Capital Management LLC acquired a new position in Spyre Therapeutics during the 2nd quarter worth about $16,153,000. Ensign Peak Advisors Inc bought a new stake in Spyre Therapeutics in the second quarter valued at approximately $1,939,000. Barclays PLC boosted its position in shares of Spyre Therapeutics by 64.7% during the third quarter. Barclays PLC now owns 105,467 shares of the company’s stock worth $3,101,000 after purchasing an additional 41,424 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Spyre Therapeutics in the 2nd quarter valued at $2,767,000. Finally, Rhumbline Advisers acquired a new position in shares of Spyre Therapeutics in the 2nd quarter valued at approximately $1,220,000. 80.39% of the stock is owned by 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).