Spyre Therapeutics (NASDAQ:SYRE) Shares Gap Up – Here’s What Happened

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s share price 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 traded.

Wall Street Analyst Weigh In

SYRE has been the subject of a number of analyst reports. Wedbush reaffirmed an “outperform” rating and issued a $65.00 price target on shares of Spyre Therapeutics in a research report on Monday, January 13th. The Goldman Sachs Group raised shares of Spyre Therapeutics to a “strong-buy” rating in a research report on Tuesday, February 18th. Finally, Robert W. Baird boosted 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. Seven investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $54.83.

Spyre Therapeutics Stock Up 1.7 %

The firm has a market cap of $1.14 billion, a P/E ratio of -2.53 and a beta of 2.98. The stock’s 50-day moving average is $21.65 and its 200-day moving average is $26.41.

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of SYRE. Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Spyre Therapeutics in the 4th quarter valued at $2,844,000. GF Fund Management CO. LTD. bought a new position in Spyre Therapeutics during the fourth quarter worth about $29,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Spyre Therapeutics by 85.2% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 48,981 shares of the company’s stock worth $1,140,000 after purchasing an additional 22,540 shares during the period. Woodline Partners LP boosted its holdings in Spyre Therapeutics by 33.5% during the fourth quarter. Woodline Partners LP now owns 352,680 shares of the company’s stock valued at $8,210,000 after purchasing an additional 88,424 shares in the last quarter. Finally, Squarepoint Ops LLC grew its stake in shares of Spyre Therapeutics by 79.7% in the 4th quarter. Squarepoint Ops LLC now owns 15,231 shares of the company’s stock valued at $355,000 after purchasing an additional 6,754 shares during the period. 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).