Spyre Therapeutics (NASDAQ:SYRE) Receives "Outperform" Rating from Wedbush

Key Points

• Wedbush has reaffirmed an "outperform" rating for Spyre Therapeutics (NASDAQ:SYRE) with a price target of $65.00, suggesting a potential upside of 305.34% from its current price.
• Other brokerages, including Leerink Partners, have shown positive outlooks, rating the stock as a "strong-buy" and setting a target of $45.00.
• Spyre Therapeutics focuses on developing therapeutics for inflammatory bowel disease (IBD) and has recently reported an earnings per share of ($0.74), surpassing estimates.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report)'s stock had its "outperform" rating reaffirmed by investment analysts at Wedbush in a report released on Wednesday,RTT News reports. They presently have a $65.00 price target on the stock. Wedbush's price target indicates a potential upside of 305.34% from the stock's current price.

Several other brokerages also recently commented on SYRE. Leerink Partnrs raised shares of Spyre Therapeutics to a "strong-buy" rating in a research report on Tuesday, April 8th. Leerink Partners began coverage on shares of Spyre Therapeutics in a report on Tuesday, April 8th. They set an "outperform" rating and a $45.00 price target on the stock. Five investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $53.40.

Spyre Therapeutics Stock Performance

Spyre Therapeutics stock traded down $0.83 during midday trading on Wednesday, reaching $16.04. 136,204 shares of the stock were exchanged, compared to its average volume of 622,103. Spyre Therapeutics has a 52 week low of $10.91 and a 52 week high of $40.26. The firm has a market cap of $966.65 million, a PE ratio of -4.22 and a beta of 2.82. The company's fifty day moving average is $16.25 and its 200-day moving average is $17.05.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last released its quarterly 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 anticipate that Spyre Therapeutics will post -4.46 earnings per share for the current fiscal year.

Institutional Trading of Spyre Therapeutics

Several large investors have recently made changes to their positions in the business. GF Fund Management CO. LTD. purchased a new position in Spyre Therapeutics during the fourth quarter valued at $29,000. CWM LLC increased its position in Spyre Therapeutics by 357.8% during the second quarter. CWM LLC now owns 1,712 shares of the company's stock worth $26,000 after purchasing an additional 1,338 shares during the last quarter. AlphaQuest LLC increased its position in Spyre Therapeutics by 45.2% during the first quarter. AlphaQuest LLC now owns 3,191 shares of the company's stock worth $51,000 after purchasing an additional 993 shares during the last quarter. GAMMA Investing LLC purchased a new position in Spyre Therapeutics during the first quarter worth about $70,000. Finally, KLP Kapitalforvaltning AS purchased a new position in shares of Spyre Therapeutics in the fourth quarter valued at approximately $182,000. 80.39% of the stock is owned by hedge funds and other institutional investors.

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).

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