Spyre Therapeutics (NASDAQ:SYRE) Shares Up 8.9% - What's Next?

Key Points

• Spiro Therapeutics, Inc. shares saw an increase of 8.9%, trading as high as $17.20 before closing at $17.44 on Wednesday.
• Analysts have a consensus rating of "Buy" for SYRE, with a range of target prices from $43.00 to $70.00.
• The company focuses on developing therapeutics for inflammatory bowel disease (IBD) and reported an EPS of ($0.49), beating estimates by $0.24.

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report) shot up 8.9% during trading on Wednesday . The stock traded as high as $17.20 and last traded at $17.44. 362,273 shares changed hands during mid-day trading, a decline of 40% from the average session volume of 605,494 shares. The stock had previously closed at $16.02.

Analysts Set New Price Targets

Several brokerages have commented on SYRE. BTIG Research reaffirmed a "buy" rating and issued a $70.00 price objective on shares of Spyre Therapeutics in a research report on Tuesday, September 16th. Deutsche Bank Aktiengesellschaft started coverage on shares of Spyre Therapeutics in a research note on Friday, September 26th. They issued a "buy" rating and a $43.00 target price for the company. Wall Street Zen downgraded shares of Spyre Therapeutics from a "hold" rating to a "sell" rating in a research note on Monday. Weiss Ratings reiterated a "sell (d-)" rating on shares of Spyre Therapeutics in a research note on Wednesday. Finally, Wedbush reiterated an "outperform" rating and issued a $65.00 target price on shares of Spyre Therapeutics in a research note on Wednesday, August 6th. Two analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Buy" and an average target price of $54.29.

Spyre Therapeutics Price Performance

The firm's 50 day moving average is $16.29 and its 200 day moving average is $15.61. The company has a market cap of $1.03 billion, a PE ratio of -5.05 and a beta of 2.90.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported ($0.49) EPS for the quarter, beating the consensus estimate of ($0.73) by $0.24. As a group, analysts anticipate that Spyre Therapeutics, Inc. will post -4.46 EPS for the current year.

Insider Buying and Selling

In other Spyre Therapeutics news, CFO Scott L. Burrows sold 18,428 shares of the business's stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $16.26, for a total value of $299,639.28. Following the completion of the transaction, the chief financial officer owned 97,994 shares of the company's stock, valued at $1,593,382.44. The trade was a 15.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 6.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Spyre Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the stock. CWM LLC grew its stake in Spyre Therapeutics by 357.8% in 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 grew its stake in Spyre Therapeutics by 45.2% in 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 Spyre Therapeutics in the 1st quarter worth approximately $70,000. Ameritas Investment Partners Inc. grew its stake in Spyre Therapeutics by 25.8% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,091 shares of the company's stock worth $76,000 after buying an additional 1,045 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its stake in Spyre Therapeutics by 182.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 5,769 shares of the company's stock worth $86,000 after buying an additional 3,725 shares in the last quarter. Hedge funds and other institutional investors own 80.39% of the company's stock.

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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