Spyre Therapeutics (NASDAQ:SYRE) Shares Up 5.2% – Still a Buy?

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s stock price rose 5.2% during trading on Thursday . The company traded as high as $17.83 and last traded at $17.91. Approximately 127,940 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 548,511 shares. The stock had previously closed at $17.02.

Analysts Set New Price Targets

SYRE has been the subject of several recent analyst reports. Wedbush reaffirmed an “outperform” rating and set a $65.00 price objective on shares of Spyre Therapeutics in a research report on Monday, January 13th. Wolfe Research assumed coverage on Spyre Therapeutics in a report on Tuesday, March 18th. They set an “outperform” rating and a $27.00 price target for the company. Finally, The Goldman Sachs Group raised Spyre Therapeutics to a “strong-buy” rating in a research 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 data from MarketBeat.com, Spyre Therapeutics has an average rating of “Buy” and an average target price of $50.33.

Spyre Therapeutics Price Performance

The firm’s 50-day simple moving average is $20.65 and its two-hundred day simple moving average is $25.73. The company has a market capitalization of $1.06 billion, a price-to-earnings ratio of -2.36 and a beta of 2.98.

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

Hedge Funds Weigh In On Spyre Therapeutics

Several large investors have recently added to or reduced their stakes in the business. Barclays PLC boosted its holdings in Spyre Therapeutics by 64.7% in the third quarter. Barclays PLC now owns 105,467 shares of the company’s stock valued at $3,101,000 after acquiring an additional 41,424 shares during the last quarter. China Universal Asset Management Co. Ltd. purchased a new position in shares of Spyre Therapeutics in the 4th quarter valued at $290,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Spyre Therapeutics by 239.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 333,275 shares of the company’s stock valued at $9,802,000 after acquiring an additional 235,094 shares in the last quarter. Victory Capital Management Inc. acquired a new stake in Spyre Therapeutics in the 4th quarter valued at $6,241,000. Finally, Jane Street Group LLC raised its position in Spyre Therapeutics by 78.7% in the third quarter. Jane Street Group LLC now owns 20,641 shares of the company’s stock valued at $607,000 after purchasing an additional 9,090 shares during the period. 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).