Paradigm Biocapital Advisors LP Purchases 600,000 Shares of Spyre Therapeutics, Inc. $SYRE

Key Points

• Paradigm Biocapital Advisors LP increased its stake in Spyre Therapeutics by 39.3%, acquiring 600,000 shares to hold a total of 2,127,205 shares, making it the firm's 18th largest holding.
• Spyre Therapeutics stock saw a 1.4% decline on a recent trading day, with a market capitalization of $996 million and a 52-week price range between $10.91 and $40.26.
• Analysts have a consensus Buy rating on Spyre Therapeutics, with a target price averaging $53.40, following a recent earnings report that exceeded expectations.

Paradigm Biocapital Advisors LP increased its holdings in shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE - Free Report) by 39.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,127,205 shares of the company's stock after purchasing an additional 600,000 shares during the period. Spyre Therapeutics accounts for about 1.6% of Paradigm Biocapital Advisors LP's holdings, making the stock its 18th biggest holding. Paradigm Biocapital Advisors LP owned approximately 3.53% of Spyre Therapeutics worth $34,322,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently bought and sold shares of SYRE. Wells Fargo & Company MN raised its holdings in Spyre Therapeutics by 38.8% during the fourth quarter. Wells Fargo & Company MN now owns 24,718 shares of the company's stock worth $575,000 after purchasing an additional 6,908 shares in the last quarter. First Trust Advisors LP acquired a new position in shares of Spyre Therapeutics during the fourth quarter valued at about $548,000. MetLife Investment Management LLC raised its position in Spyre Therapeutics by 6.2% in the fourth quarter. MetLife Investment Management LLC now owns 21,382 shares of the company's stock worth $498,000 after purchasing an additional 1,250 shares in the last quarter. Tower Research Capital LLC TRC increased its holdings in shares of Spyre Therapeutics by 1,548.8% in the fourth quarter. Tower Research Capital LLC TRC now owns 8,574 shares of the company's stock valued at $200,000 after purchasing an additional 8,054 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings in Spyre Therapeutics by 18.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 506,450 shares of the company's stock worth $11,791,000 after acquiring an additional 77,323 shares during the period. Institutional investors own 80.39% of the company's stock.

Spyre Therapeutics Stock Performance

Shares of SYRE stock traded up $0.18 on Wednesday, hitting $16.81. The stock had a trading volume of 275,093 shares, compared to its average volume of 419,687. Spyre Therapeutics, Inc. has a one year low of $10.91 and a one year high of $40.26. The business has a 50 day moving average price of $16.35 and a 200 day moving average price of $16.22.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The company reported ($0.49) earnings per share for the quarter, beating analysts' consensus estimates of ($0.73) by $0.24. As a group, equities research analysts forecast that Spyre Therapeutics, Inc. will post -4.46 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on SYRE shares. Wedbush reissued an "outperform" rating and set a $65.00 price target on shares of Spyre Therapeutics in a research report on Wednesday, August 6th. Wall Street Zen downgraded shares of Spyre Therapeutics from a "hold" rating to a "sell" rating in a research note on Sunday. Two equities research analysts have rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $53.40.

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).