450,000 Shares in Spyre Therapeutics, Inc. (NASDAQ:SYRE) Bought by Deerfield Management Company L.P. Series C

Deerfield Management Company L.P. Series C acquired a new position in shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 450,000 shares of the company's stock, valued at approximately $10,476,000. Deerfield Management Company L.P. Series C owned approximately 0.87% of Spyre Therapeutics as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in SYRE. FMR LLC boosted its position in shares of Spyre Therapeutics by 15.4% during the 4th quarter. FMR LLC now owns 8,801,266 shares of the company's stock worth $204,893,000 after acquiring an additional 1,177,385 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Spyre Therapeutics by 13.1% during the 4th quarter. Vanguard Group Inc. now owns 2,846,473 shares of the company's stock worth $66,266,000 after buying an additional 330,553 shares during the last quarter. Driehaus Capital Management LLC lifted its position in Spyre Therapeutics by 308.1% in the fourth quarter. Driehaus Capital Management LLC now owns 2,803,655 shares of the company's stock valued at $65,269,000 after acquiring an additional 2,116,575 shares during the last quarter. Braidwell LP boosted its stake in Spyre Therapeutics by 17.7% in the fourth quarter. Braidwell LP now owns 2,578,404 shares of the company's stock valued at $60,025,000 after acquiring an additional 388,568 shares in the last quarter. Finally, Wellington Management Group LLP grew its holdings in shares of Spyre Therapeutics by 6.5% during the fourth quarter. Wellington Management Group LLP now owns 1,604,508 shares of the company's stock worth $37,353,000 after purchasing an additional 97,308 shares during the last quarter. Institutional investors and hedge funds own 80.39% of the company's stock.

Spyre Therapeutics Stock Performance

SYRE traded down $0.46 during trading on Tuesday, reaching $14.47. The company had a trading volume of 677,107 shares, compared to its average volume of 606,962. The firm's 50-day simple moving average is $15.28 and its 200 day simple moving average is $21.83. The company has a market cap of $872.19 million, a price-to-earnings ratio of -1.94 and a beta of 2.78. Spyre Therapeutics, Inc. has a 12-month low of $10.91 and a 12-month high of $40.49.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.74) EPS for the quarter, topping the consensus estimate of ($0.76) by $0.02. On average, sell-side analysts expect that Spyre Therapeutics, Inc. will post -4.46 EPS for the current year.

Analyst Ratings Changes

Several research analysts have commented on SYRE shares. Wolfe Research initiated coverage on Spyre Therapeutics in a research report on Tuesday, March 18th. They set an "outperform" rating and a $27.00 price target on the stock. Wedbush reiterated an "outperform" rating and issued a $65.00 price target on shares of Spyre Therapeutics in a research report on Monday, May 5th. The Goldman Sachs Group raised shares of Spyre Therapeutics to a "strong-buy" rating in a research report on Tuesday, February 18th. Leerink Partners started coverage on shares of Spyre Therapeutics in a research note on Tuesday, April 8th. They issued an "outperform" rating and a $45.00 price objective on the stock. Finally, Leerink Partnrs upgraded Spyre Therapeutics to a "strong-buy" rating in a research report on Tuesday, April 8th. Seven equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $51.17.

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).