Spyre Therapeutics, Inc. (NASDAQ:SYRE) Receives Consensus Rating of "Buy" from Analysts

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report) have received a consensus recommendation of "Buy" from the eight analysts that are currently covering the firm, MarketBeat.com reports. Six equities research analysts have rated the stock with a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year price objective among brokers that have covered the stock in the last year is $53.40.

A number of research firms have issued reports on SYRE. The Goldman Sachs Group upgraded Spyre Therapeutics to a "strong-buy" rating in a research report on Tuesday, February 18th. Wolfe Research began coverage on Spyre Therapeutics in a research report on Tuesday, March 18th. They issued an "outperform" rating and a $27.00 target price on the stock. Leerink Partners began coverage on Spyre Therapeutics in a research report on Tuesday, April 8th. They issued an "outperform" rating and a $45.00 target price on the stock. Leerink Partnrs upgraded Spyre Therapeutics to a "strong-buy" rating in a research report on Tuesday, April 8th. Finally, Wedbush restated an "outperform" rating and set a $65.00 price target on shares of Spyre Therapeutics in a report on Monday, May 5th.

Spyre Therapeutics Stock Performance

Shares of NASDAQ SYRE traded down $0.30 during mid-day trading on Wednesday, reaching $15.25. The company had a trading volume of 380,763 shares, compared to its average volume of 616,133. Spyre Therapeutics has a one year low of $10.91 and a one year high of $40.26. The firm has a market cap of $919.21 million, a price-to-earnings ratio of -2.04 and a beta of 2.78. The business's 50-day simple moving average is $14.27 and its 200 day simple moving average is $19.84.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.74) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.76) by $0.02. On average, sell-side analysts anticipate that Spyre Therapeutics will post -4.46 EPS for the current year.

Hedge Funds Weigh In On Spyre Therapeutics

Hedge funds and other institutional investors have recently made changes to their positions in the stock. GF Fund Management CO. LTD. acquired a new position in shares of Spyre Therapeutics in the fourth quarter worth approximately $29,000. Huntington National Bank acquired a new position in shares of Spyre Therapeutics in the fourth quarter worth approximately $34,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Spyre Therapeutics in the fourth quarter worth approximately $46,000. AlphaQuest LLC lifted its stake in shares of Spyre Therapeutics by 45.2% in the first quarter. AlphaQuest LLC now owns 3,191 shares of the company's stock worth $51,000 after acquiring an additional 993 shares during the period. Finally, GAMMA Investing LLC acquired a new position in shares of Spyre Therapeutics in the first quarter worth approximately $70,000. 80.39% of the stock is owned by institutional investors and hedge funds.

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).