Spyre Therapeutics (NASDAQ:SYRE) Releases Earnings Results, Beats Expectations By $0.24 EPS

Key Points

• Spyre Therapeutics reported an earnings per share (EPS) of ($0.49) for the quarter, beating consensus estimates by $0.19.
• Shares of Spyre Therapeutics (NASDAQ:SYRE) rose by $0.74 on the announcement, trading at $16.90 with a total volume of 243,562 shares.
• Analysts have a positive outlook on Spyre Therapeutics, with an average target price of $53.40 and multiple ratings of "buy" or "strong-buy."

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) posted its earnings results on Tuesday. The company reported ($0.49) EPS for the quarter, beating analysts' consensus estimates of ($0.73) by $0.24, Zacks reports.

Spyre Therapeutics Stock Performance

Shares of NASDAQ SYRE traded down $0.08 during trading on Friday, reaching $15.16. The stock had a trading volume of 263,009 shares, compared to its average volume of 554,617. Spyre Therapeutics has a fifty-two week low of $10.91 and a fifty-two week high of $40.26. The business's 50-day moving average price is $16.26 and its 200-day moving average price is $16.92. The company has a market cap of $915.66 million, a P/E ratio of -4.46 and a beta of 2.82.

Analysts Set New Price Targets

Separately, Wedbush restated an "outperform" rating and issued a $65.00 target price on shares of Spyre Therapeutics in a research report on Wednesday. Five analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Spyre Therapeutics has a consensus rating of "Buy" and an average price target of $53.40.

Institutional Investors Weigh In On Spyre Therapeutics

A hedge fund recently raised its stake in Spyre Therapeutics stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Spyre Therapeutics, Inc. (NASDAQ:SYRE - Free Report) by 18.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,018 shares of the company's stock after buying an additional 4,277 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.'s holdings in Spyre Therapeutics were worth $442,000 as of its most recent filing with the Securities and Exchange Commission. 80.39% of the stock is currently owned by 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).