Driehaus Capital Management LLC Sells 86,343 Shares of Spyre Therapeutics, Inc. $SYRE

Key Points

• Driehaus Capital Management LLC has reduced its stake in Spyre Therapeutics, Inc. by 3.1%, selling 86,343 shares and now holding approximately 2.7 million shares valued at about $43.8 million.
• Recent analyst activity shows a positive outlook for Spyre Therapeutics, with a consensus rating of "Buy" and a target price of $53.40.
• Spyre Therapeutics, focused on treatments for inflammatory bowel disease, reported better-than-expected earnings per share, surpassing estimates by $0.24.

Driehaus Capital Management LLC lowered its holdings in Spyre Therapeutics, Inc. (NASDAQ:SYRE - Free Report) by 3.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,717,312 shares of the company's stock after selling 86,343 shares during the period. Driehaus Capital Management LLC owned about 4.51% of Spyre Therapeutics worth $43,844,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently bought and sold shares of the stock. GF Fund Management CO. LTD. acquired a new stake in Spyre Therapeutics in the 4th quarter valued at about $29,000. AlphaQuest LLC grew its holdings in shares of Spyre Therapeutics by 45.2% during the 1st quarter. AlphaQuest LLC now owns 3,191 shares of the company's stock valued at $51,000 after purchasing an additional 993 shares during the last quarter. GAMMA Investing LLC acquired a new stake in shares of Spyre Therapeutics during the 1st quarter valued at $70,000. Tower Research Capital LLC TRC grew its holdings in Spyre Therapeutics by 1,548.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 8,574 shares of the company's stock worth $200,000 after acquiring an additional 8,054 shares during the last quarter. Finally, Aquatic Capital Management LLC acquired a new position in Spyre Therapeutics during the 4th quarter worth about $274,000. 80.39% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Wedbush reissued an "outperform" rating and set a $65.00 target price on shares of Spyre Therapeutics in a research note on Wednesday, August 6th. Wall Street Zen upgraded shares of Spyre Therapeutics from a "sell" rating to a "hold" rating in a report on Saturday, August 23rd. Two equities research analysts have rated the stock with a Strong Buy rating and five have issued a Buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus target price of $53.40.

Spyre Therapeutics Price Performance

SYRE opened at $16.72 on Friday. The stock's 50 day simple moving average is $16.26 and its 200 day simple moving average is $16.39. Spyre Therapeutics, Inc. has a 1 year low of $10.91 and a 1 year high of $40.26. The firm has a market cap of $1.01 billion, a price-to-earnings ratio of -4.92 and a beta of 2.82.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported ($0.49) earnings per share for the quarter, topping the consensus estimate of ($0.73) by $0.24. As a group, sell-side analysts anticipate that Spyre Therapeutics, Inc. will post -4.46 EPS for the current year.

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).

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