Spyre Therapeutics (NASDAQ:SYRE) Trading Up 7.5% - Still a Buy?

Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report) shot up 7.5% during mid-day trading on Tuesday . The stock traded as high as $18.03 and last traded at $18.45. 16,970 shares changed hands during trading, a decline of 97% from the average session volume of 614,046 shares. The stock had previously closed at $17.16.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on SYRE. Wedbush restated an "outperform" rating and set a $65.00 price objective on shares of Spyre Therapeutics in a research note on Monday, May 5th. Leerink Partnrs raised Spyre Therapeutics to a "strong-buy" rating in a report on Tuesday, April 8th. Wolfe Research initiated coverage on Spyre Therapeutics in a report on Tuesday, March 18th. They set an "outperform" rating and a $27.00 target price for the company. The Goldman Sachs Group raised Spyre Therapeutics to a "strong-buy" rating in a report on Tuesday, February 18th. Finally, Leerink Partners assumed coverage on Spyre Therapeutics in a report on Tuesday, April 8th. They set an "outperform" rating and a $45.00 target price for the company. Six investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Spyre Therapeutics presently has an average rating of "Buy" and a consensus price target of $53.40.

Spyre Therapeutics Price Performance

The company has a fifty day moving average of $14.68 and a 200-day moving average of $19.21. The firm has a market capitalization of $1.04 billion, a PE ratio of -2.31 and a beta of 2.72.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.74) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.76) by $0.02. Equities analysts anticipate that Spyre Therapeutics, Inc. will post -4.46 EPS for the current year.

Hedge Funds Weigh In On Spyre Therapeutics

Hedge funds have recently bought and sold shares of the business. GF Fund Management CO. LTD. acquired a new position in Spyre Therapeutics during the fourth quarter worth $29,000. Huntington National Bank acquired a new stake in shares of Spyre Therapeutics in the fourth quarter valued at about $34,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Spyre Therapeutics in the fourth quarter valued at about $46,000. AlphaQuest LLC grew its position in shares of Spyre Therapeutics by 45.2% in the first quarter. AlphaQuest LLC now owns 3,191 shares of the company's stock valued at $51,000 after purchasing an additional 993 shares during the last quarter. Finally, GAMMA Investing LLC acquired a new stake in shares of Spyre Therapeutics in the first quarter valued at about $70,000. 80.39% of the stock is owned by institutional investors and hedge funds.

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).