Spyre Therapeutics' (SYRE) "Outperform" Rating Reaffirmed at 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 reiterated by analysts at Wedbush in a note issued to investors on Wednesday,RTT News reports. They currently have a $65.00 target price on the stock. Wedbush's price target points to a potential upside of 328.76% from the stock's previous close.

Other analysts also recently issued reports about the company. Leerink Partnrs raised Spyre Therapeutics to a "strong-buy" rating in a research note on Tuesday, April 8th. Leerink Partners initiated coverage on Spyre Therapeutics in a research note on Tuesday, April 8th. They set an "outperform" rating and a $45.00 price target for the company. Five equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $53.40.

Spyre Therapeutics Stock Down 0.5%

SYRE traded down $0.08 during trading on Wednesday, hitting $15.16. 263,009 shares of the stock were exchanged, compared to its average volume of 543,197. The firm has a market capitalization of $915.66 million, a P/E ratio of -4.46 and a beta of 2.82. Spyre Therapeutics has a 1-year low of $10.91 and a 1-year high of $40.26. The stock has a fifty day moving average price of $16.26 and a two-hundred day moving average price of $16.89.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported ($0.49) EPS for the quarter, topping the consensus estimate of ($0.73) by $0.24. Analysts predict that Spyre Therapeutics will post -4.46 EPS for the current year.

Hedge Funds Weigh In On Spyre Therapeutics

Large investors have recently modified their holdings of the business. GF Fund Management CO. LTD. purchased a new position in shares of Spyre Therapeutics during the 4th quarter worth approximately $29,000. CWM LLC raised its stake in shares of Spyre Therapeutics by 357.8% during the 2nd quarter. CWM LLC now owns 1,712 shares of the company's stock worth $26,000 after buying an additional 1,338 shares in the last quarter. AlphaQuest LLC raised its stake in shares of Spyre Therapeutics by 45.2% during the 1st quarter. AlphaQuest LLC now owns 3,191 shares of the company's stock worth $51,000 after buying an additional 993 shares in the last quarter. GAMMA Investing LLC purchased a new position in shares of Spyre Therapeutics during the 1st quarter worth approximately $70,000. Finally, KLP Kapitalforvaltning AS purchased a new position in shares of Spyre Therapeutics during the 4th quarter worth 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).