Spyre Therapeutics (NASDAQ:SYRE) Upgraded to “Strong-Buy” at The Goldman Sachs Group

Spyre Therapeutics (NASDAQ:SYRE) was upgraded by research analysts at The Goldman Sachs Group to a “strong-buy” rating in a report issued on Tuesday,Zacks.com reports.

Other analysts have also issued research reports about the stock. Wedbush reiterated an “outperform” rating and issued a $65.00 price objective on shares of Spyre Therapeutics in a research note on Monday, January 13th. Robert W. Baird lifted their price target on shares of Spyre Therapeutics from $50.00 to $65.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Finally, Guggenheim increased their price objective 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 and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $54.83.

Spyre Therapeutics Stock Performance

Shares of SYRE stock opened at $22.37 on Tuesday. Spyre Therapeutics has a fifty-two week low of $20.07 and a fifty-two week high of $47.97. The stock has a 50 day simple moving average of $22.87 and a two-hundred day simple moving average of $27.04. The company has a market cap of $1.15 billion, a P/E ratio of -2.99 and a beta of 2.85.

Institutional Investors Weigh In On Spyre Therapeutics

Several hedge funds and other institutional investors have recently made changes to their positions in SYRE. Driehaus Capital Management LLC boosted its stake in Spyre Therapeutics by 308.1% during the 4th quarter. Driehaus Capital Management LLC now owns 2,803,655 shares of the company’s stock valued at $65,269,000 after purchasing an additional 2,116,575 shares during the last quarter. FMR LLC lifted its holdings in shares of Spyre Therapeutics by 15.4% in the fourth quarter. FMR LLC now owns 8,801,266 shares of the company’s stock valued at $204,893,000 after purchasing an additional 1,177,385 shares in the last quarter. Assenagon Asset Management S.A. purchased a new position in shares of Spyre Therapeutics during the third quarter valued at approximately $33,609,000. Jefferies Financial Group Inc. grew its holdings 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 buying an additional 762,147 shares in the last quarter. Finally, Wellington Management Group LLP raised its position in Spyre Therapeutics by 89.4% in the 3rd quarter. Wellington Management Group LLP now owns 1,507,200 shares of the company’s stock valued at $44,327,000 after buying an additional 711,254 shares during the last quarter. 80.39% of the stock is owned by 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).