Spyre Therapeutics, Inc. (NASDAQ:SYRE) Position Lessened by Victory Capital Management Inc.

Key Points

• Victory Capital Management Inc. reduced its stake in Spyre Therapeutics by 6.1%, selling 16,230 shares and owning approximately 0.42% of the company's stock worth $4,064,000 as of its latest SEC filing.
• Several institutional investors, including FMR LLC and Vanguard Group Inc., have increased their stakes in Spyre Therapeutics, contributing to hedge funds and institutional investors owning 80.39% of the company.
• Spyre Therapeutics has received positive analyst ratings, with an average rating of "Buy" and a consensus target price of $53.40, indicating a favorable outlook for the company's stock performance.

Victory Capital Management Inc. lowered its holdings in Spyre Therapeutics, Inc. (NASDAQ:SYRE - Free Report) by 6.1% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 251,846 shares of the company's stock after selling 16,230 shares during the period. Victory Capital Management Inc. owned about 0.42% of Spyre Therapeutics worth $4,064,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. BNP Paribas Financial Markets purchased a new position in Spyre Therapeutics in the fourth quarter valued at about $437,000. JPMorgan Chase & Co. boosted its holdings in Spyre Therapeutics by 19.6% in the fourth quarter. JPMorgan Chase & Co. now owns 35,248 shares of the company's stock valued at $821,000 after purchasing an additional 5,775 shares during the last quarter. First Trust Advisors LP purchased a new position in Spyre Therapeutics in the fourth quarter valued at about $548,000. GAMMA Investing LLC purchased a new position in Spyre Therapeutics in the first quarter valued at about $70,000. Finally, Northern Trust Corp boosted its holdings in Spyre Therapeutics by 11.0% in the fourth quarter. Northern Trust Corp now owns 348,983 shares of the company's stock valued at $8,124,000 after purchasing an additional 34,693 shares during the last quarter. Hedge funds and other institutional investors own 80.39% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Leerink Partnrs raised Spyre Therapeutics to a "strong-buy" rating in a report on Tuesday, April 8th. Leerink Partners assumed coverage on Spyre Therapeutics in a report on Tuesday, April 8th. They set an "outperform" rating and a $45.00 target price on the stock. Finally, Wedbush reaffirmed an "outperform" rating and set a $65.00 target price on shares of Spyre Therapeutics in a report on Monday, May 5th. Five investment 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, Spyre Therapeutics has a consensus rating of "Buy" and a consensus price target of $53.40.

Spyre Therapeutics Stock Down 3.5%

NASDAQ:SYRE traded down $0.61 during trading hours on Thursday, reaching $16.68. 69,050 shares of the stock were exchanged, compared to its average volume of 623,494. The firm has a 50 day simple moving average of $16.13 and a 200-day simple moving average of $17.20. Spyre Therapeutics, Inc. has a 52 week low of $10.91 and a 52 week high of $40.26. The stock has a market capitalization of $1.01 billion, a P/E ratio of -4.42 and a beta of 2.68.

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

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).