Spyre Therapeutics (NASDAQ:SYRE) Shares Gap Up – Still a Buy?

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) gapped up before the market opened on Tuesday . The stock had previously closed at $18.65, but opened at $19.58. Spyre Therapeutics shares last traded at $18.10, with a volume of 15,860 shares trading hands.

Analyst Ratings Changes

SYRE has been the topic of a number of recent analyst reports. Robert W. Baird upped their price objective 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 reissued an “outperform” rating and issued a $65.00 target price on shares of Spyre Therapeutics in a report on Monday, January 13th. Finally, The Goldman Sachs Group raised Spyre Therapeutics to a “strong-buy” rating in a report on Tuesday, February 18th. Seven equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Spyre Therapeutics has a consensus rating of “Buy” and a consensus price target of $54.83.

Spyre Therapeutics Stock Performance

The company has a market capitalization of $1.14 billion, a price-to-earnings ratio of -2.53 and a beta of 2.98. The business’s 50-day simple moving average is $21.65 and its 200-day simple moving average is $26.41.

Spyre Therapeutics (NASDAQ:SYRE) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($0.81) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.89) by $0.08. On average, analysts forecast that Spyre Therapeutics, Inc. will post -4.46 earnings per share for the current year.

Institutional Trading of Spyre Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of SYRE. Driehaus Capital Management LLC boosted its stake in Spyre Therapeutics by 308.1% during the 4th quarter. Driehaus Capital Management LLC now owns 2,803,655 shares of the company’s stock worth $65,269,000 after acquiring an additional 2,116,575 shares during the last quarter. FMR LLC grew its holdings in shares of Spyre Therapeutics by 15.4% in the 4th quarter. FMR LLC now owns 8,801,266 shares of the company’s stock valued at $204,893,000 after buying an additional 1,177,385 shares during the period. Jefferies Financial Group Inc. increased its position in shares of Spyre Therapeutics by 167.6% in the 4th quarter. Jefferies Financial Group Inc. now owns 1,216,954 shares of the company’s stock valued at $28,331,000 after buying an additional 762,147 shares in the last quarter. Wellington Management Group LLP raised its stake in Spyre Therapeutics by 89.4% during the 3rd quarter. Wellington Management Group LLP now owns 1,507,200 shares of the company’s stock worth $44,327,000 after buying an additional 711,254 shares during the period. Finally, Boxer Capital Management LLC bought a new position in Spyre Therapeutics during the fourth quarter worth about $10,864,000. 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).