Wedbush Reaffirms "Outperform" Rating for Spyre Therapeutics (NASDAQ:SYRE)

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report)'s stock had its "outperform" rating reiterated by investment analysts at Wedbush in a research note issued to investors on Monday,RTT News reports. They presently have a $65.00 price target on the stock. Wedbush's price target points to a potential upside of 360.99% from the stock's previous close.

SYRE has been the subject of a number of other research reports. The Goldman Sachs Group upgraded shares of Spyre Therapeutics to a "strong-buy" rating in a research note on Tuesday, February 18th. Leerink Partnrs raised Spyre Therapeutics to a "strong-buy" rating in a research note on Tuesday, April 8th. Wolfe Research initiated coverage on Spyre Therapeutics in a research report on Tuesday, March 18th. They set an "outperform" rating and a $27.00 price objective for the company. Finally, Leerink Partners assumed coverage on Spyre Therapeutics in a report on Tuesday, April 8th. They issued an "outperform" rating and a $45.00 target price on the stock. Eight analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $49.57.

Spyre Therapeutics Trading Up 9.6 %

NASDAQ:SYRE traded up $1.24 during trading hours on Monday, hitting $14.10. The company's stock had a trading volume of 966,118 shares, compared to its average volume of 605,617. The stock has a fifty day moving average of $15.37 and a 200-day moving average of $22.13. The stock has a market capitalization of $849.89 million, a P/E ratio of -1.89 and a beta of 2.78. Spyre Therapeutics has a 52-week low of $10.91 and a 52-week high of $40.49.

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Barclays PLC grew its holdings in shares of Spyre Therapeutics by 64.7% in the 3rd quarter. Barclays PLC now owns 105,467 shares of the company's stock worth $3,101,000 after acquiring an additional 41,424 shares during the period. China Universal Asset Management Co. Ltd. purchased a new position in shares of Spyre Therapeutics in the fourth quarter valued at $290,000. Victory Capital Management Inc. acquired a new position in shares of Spyre Therapeutics during the 4th quarter worth $6,241,000. JPMorgan Chase & Co. boosted its position in shares of Spyre Therapeutics by 19.6% in the 4th quarter. JPMorgan Chase & Co. now owns 35,248 shares of the company's stock worth $821,000 after buying an additional 5,775 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in Spyre Therapeutics by 13.1% in the 4th quarter. Vanguard Group Inc. now owns 2,846,473 shares of the company's stock valued at $66,266,000 after acquiring an additional 330,553 shares during the last quarter. 80.39% of the stock is owned by hedge funds and other institutional investors.

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).