Spyre Therapeutics (NASDAQ:SYRE) Trading 4.5% Higher – Here’s What Happened

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s stock price was up 4.5% during mid-day trading on Thursday . The company traded as high as $33.95 and last traded at $33.83. Approximately 28,027 shares changed hands during trading, a decline of 95% from the average daily volume of 514,919 shares. The stock had previously closed at $32.37.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on SYRE. Wedbush assumed coverage on shares of Spyre Therapeutics in a report on Wednesday, September 4th. They issued an “outperform” rating and a $45.00 price objective for the company. Evercore ISI started coverage on shares of Spyre Therapeutics in a research note on Tuesday, July 16th. They issued an “outperform” rating for the company. Ten equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $43.43.

Spyre Therapeutics Price Performance

The stock has a market cap of $1.32 billion, a price-to-earnings ratio of -0.46 and a beta of 2.92. The business’s 50 day moving average is $28.25 and its 200 day moving average is $30.52.

Spyre Therapeutics (NASDAQ:SYRE) last released its quarterly earnings data on Wednesday, August 7th. The company reported ($0.86) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.90) by $0.04. As a group, analysts forecast that Spyre Therapeutics, Inc. will post -3.68 earnings per share for the current year.

Institutional Trading of Spyre Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SYRE. Perceptive Advisors LLC increased its position 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 worth $71,259,000 after purchasing an additional 474,339 shares in the last quarter. Avoro Capital Advisors LLC purchased a new stake in Spyre Therapeutics in the second quarter valued at approximately $43,238,000. Driehaus Capital Management LLC acquired a new stake in shares of Spyre Therapeutics in the second quarter valued at approximately $16,153,000. Farallon Capital Management LLC purchased a new position in shares of Spyre Therapeutics during the second quarter worth approximately $15,658,000. Finally, Logos Global Management LP purchased a new position in shares of Spyre Therapeutics during the second quarter worth approximately $13,518,000. Institutional investors and hedge funds own 80.39% of the company’s stock.

Spyre Therapeutics Company 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).