First Trust Advisors LP Acquires New Stake in Spyre Therapeutics, Inc. (NASDAQ:SYRE)

First Trust Advisors LP acquired a new stake in Spyre Therapeutics, Inc. (NASDAQ:SYRE - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The fund acquired 23,550 shares of the company's stock, valued at approximately $548,000.

Several other institutional investors have also added to or reduced their stakes in the business. FMR LLC grew its position in shares of Spyre Therapeutics by 15.4% in the fourth quarter. FMR LLC now owns 8,801,266 shares of the company's stock valued at $204,893,000 after purchasing an additional 1,177,385 shares in the last quarter. Vanguard Group Inc. grew its holdings in Spyre Therapeutics by 13.1% during the 4th quarter. Vanguard Group Inc. now owns 2,846,473 shares of the company's stock valued at $66,266,000 after buying an additional 330,553 shares in the last quarter. Affinity Asset Advisors LLC increased its position in shares of Spyre Therapeutics by 65.4% during the fourth quarter. Affinity Asset Advisors LLC now owns 824,328 shares of the company's stock valued at $19,190,000 after buying an additional 325,908 shares during the period. Victory Capital Management Inc. purchased a new stake in shares of Spyre Therapeutics in the fourth quarter worth about $6,241,000. Finally, Pictet Asset Management Holding SA lifted its holdings in shares of Spyre Therapeutics by 32.3% in the fourth quarter. Pictet Asset Management Holding SA now owns 1,092,124 shares of the company's stock worth $25,425,000 after buying an additional 266,418 shares in the last quarter. 80.39% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Leerink Partners initiated coverage on shares of Spyre Therapeutics in a report on Tuesday, April 8th. They set an "outperform" rating and a $45.00 target price on the stock. Wedbush reissued an "outperform" rating and issued a $65.00 target price on shares of Spyre Therapeutics in a research note on Monday, May 5th. Wolfe Research began coverage on shares of Spyre Therapeutics in a research note on Tuesday, March 18th. They issued an "outperform" rating and a $27.00 price objective for the company. Leerink Partnrs upgraded Spyre Therapeutics to a "strong-buy" rating in a research report on Tuesday, April 8th. Finally, The Goldman Sachs Group raised shares of Spyre Therapeutics to a "strong-buy" rating in a research note on Tuesday, February 18th. Six analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Buy" and an average price target of $53.40.

Spyre Therapeutics Stock Performance

Shares of Spyre Therapeutics stock traded down $0.37 on Thursday, hitting $14.43. 58,371 shares of the company traded hands, compared to its average volume of 609,441. Spyre Therapeutics, Inc. has a 52 week low of $10.91 and a 52 week high of $40.49. The business has a 50-day simple moving average of $15.07 and a 200 day simple moving average of $21.73. The stock has a market capitalization of $869.84 million, a P/E ratio of -1.94 and a beta of 2.78.

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 for the quarter, topping the consensus estimate of ($0.76) by $0.02. Research 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).