Spyre Therapeutics (NASDAQ:SYRE) Shares Up 6.3% – Still a Buy?

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) were up 6.3% during trading on Monday . The company traded as high as $13.45 and last traded at $13.47. Approximately 99,726 shares changed hands during trading, a decline of 85% from the average daily volume of 679,071 shares. The stock had previously closed at $12.67.

Analysts Set New Price Targets

Several research analysts have commented on the stock. The Goldman Sachs Group upgraded shares of Spyre Therapeutics to a “strong-buy” rating in a report on Tuesday, February 18th. Leerink Partners initiated coverage on shares of Spyre Therapeutics in a research note on Tuesday, April 8th. They set an “outperform” rating and a $45.00 target price on the stock. Wolfe Research assumed coverage on Spyre Therapeutics in a research report on Tuesday, March 18th. They issued an “outperform” rating and a $27.00 target price for the company. Wedbush reissued an “outperform” rating and set a $65.00 price target on shares of Spyre Therapeutics in a research report on Monday, January 13th. Finally, Leerink Partnrs upgraded Spyre Therapeutics to a “strong-buy” rating in a research report on Tuesday, April 8th. Eight investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $49.57.

Spyre Therapeutics Stock Performance

The company has a market capitalization of $841.45 million, a PE ratio of -1.87 and a beta of 3.05. The stock has a 50 day moving average price of $17.07 and a two-hundred day moving average price of $23.54.

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. Sell-side analysts predict that Spyre Therapeutics, Inc. will post -4.46 earnings per share for the current year.

Institutional Investors Weigh In On Spyre Therapeutics

A number of large investors have recently bought and sold shares of SYRE. Driehaus Capital Management LLC lifted its position in shares of Spyre Therapeutics by 308.1% in the fourth quarter. Driehaus Capital Management LLC now owns 2,803,655 shares of the company’s stock worth $65,269,000 after buying an additional 2,116,575 shares during the last quarter. FMR LLC lifted its holdings in Spyre Therapeutics by 15.4% in the 4th quarter. FMR LLC now owns 8,801,266 shares of the company’s stock worth $204,893,000 after purchasing an additional 1,177,385 shares during the last quarter. Jefferies Financial Group Inc. boosted its position in Spyre Therapeutics by 167.6% during the fourth quarter. Jefferies Financial Group Inc. now owns 1,216,954 shares of the company’s stock worth $28,331,000 after purchasing an additional 762,147 shares during the period. Boxer Capital Management LLC acquired a new position in Spyre Therapeutics during the fourth quarter valued at approximately $10,864,000. Finally, Deerfield Management Company L.P. Series C bought a new position in shares of Spyre Therapeutics in the fourth quarter valued at approximately $10,476,000. 80.39% of the stock is currently 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).