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

Deerfield Management Company L.P. Series C bought a new stake in Spyre Therapeutics, Inc. (NASDAQ:SYRE - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 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 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Barclays PLC grew its holdings in Spyre Therapeutics by 64.7% in the 3rd quarter. Barclays PLC now owns 105,467 shares of the company's stock valued at $3,101,000 after buying an additional 41,424 shares in the last quarter. China Universal Asset Management Co. Ltd. acquired a new position in shares of Spyre Therapeutics in the fourth quarter valued at about $290,000. Victory Capital Management Inc. bought a new position in Spyre Therapeutics during the fourth quarter worth about $6,241,000. JPMorgan Chase & Co. raised its stake in Spyre Therapeutics by 19.6% in the 4th quarter. JPMorgan Chase & Co. now owns 35,248 shares of the company's stock worth $821,000 after purchasing an additional 5,775 shares in the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Spyre Therapeutics by 13.1% in the 4th quarter. Vanguard Group Inc. now owns 2,846,473 shares of the company's stock valued at $66,266,000 after purchasing an additional 330,553 shares during the period. 80.39% of the stock is owned by institutional investors and hedge funds.

Spyre Therapeutics Trading Up 1.6 %

Shares of NASDAQ SYRE opened at $12.71 on Thursday. The firm's 50-day moving average price is $15.55 and its 200-day moving average price is $22.40. The firm has a market capitalization of $766.11 million, a P/E ratio of -1.70 and a beta of 2.78. Spyre Therapeutics, Inc. has a 1-year low of $10.91 and a 1-year high of $40.49.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last issued its quarterly earnings data 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. Equities research analysts forecast that Spyre Therapeutics, Inc. will post -4.46 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. Leerink Partners started coverage on shares of Spyre Therapeutics in a research note on Tuesday, April 8th. They set an "outperform" rating and a $45.00 price target for the company. Wedbush reiterated an "outperform" rating and issued a $65.00 price target on shares of Spyre Therapeutics in a research report on Monday. Leerink Partnrs upgraded Spyre Therapeutics to a "strong-buy" rating in a research report on Tuesday, April 8th. The Goldman Sachs Group upgraded Spyre Therapeutics to a "strong-buy" rating in a report on Tuesday, February 18th. Finally, Wolfe Research began coverage on shares of Spyre Therapeutics in a research report on Tuesday, March 18th. They issued an "outperform" rating and a $27.00 price target on the stock. Eight 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 MarketBeat, Spyre Therapeutics presently has an average rating of "Buy" and a consensus price target of $49.57.

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).

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