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

Spyre Therapeutics, Inc. (NASDAQ:SYRE) saw unusually-high trading volume on Tuesday . Approximately 638,814 shares traded 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.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the company. 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 research report on Wednesday, November 13th. Wedbush reiterated an “outperform” rating and issued a $45.00 price objective on shares of Spyre Therapeutics in a research note on Friday, November 8th. Finally, Guggenheim upped their target price on shares of Spyre Therapeutics from $50.00 to $65.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $51.50.

Spyre Therapeutics Price Performance

The company has a market cap of $1.24 billion, a price-to-earnings ratio of -3.22 and a beta of 2.86. The business’s 50-day simple moving average is $27.79 and its 200-day simple moving average is $28.15.

Institutional Trading of Spyre Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Amalgamated Bank acquired a new stake in Spyre Therapeutics during the second quarter worth approximately $28,000. Quest Partners LLC acquired a new stake in shares of Spyre Therapeutics during the second quarter worth $36,000. Intech Investment Management LLC purchased a new stake in shares of Spyre Therapeutics in the third quarter valued at $246,000. Carlyle Group Inc. acquired a new position in Spyre Therapeutics in the second quarter valued at $227,000. Finally, SG Americas Securities LLC lifted its position in Spyre Therapeutics by 127.0% during the third quarter. SG Americas Securities LLC now owns 12,589 shares of the company’s stock worth $370,000 after buying an additional 7,044 shares during the period. 80.39% of the stock is currently owned by hedge funds and other institutional investors.

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).