Spyre Therapeutics (NASDAQ:SYRE) Trading Up 4.3% - Time to Buy?

Key Points

• Spyre Therapeutics shares rose by 4.3% to $16.28 amidst a trading volume significantly lower than the average, with analysts maintaining a consensus rating of "Buy".
• Recent analyst reports set target prices for Spyre shares ranging from $43.00 to $70.00, indicating potential upside based on current valuations.
• The company is developing a therapeutic for inflammatory bowel disease and recently reported an EPS of ($0.49), exceeding expectations.

Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report) shares shot up 4.3% during mid-day trading on Friday . The stock traded as high as $16.23 and last traded at $16.28. 347,919 shares traded hands during trading, a decline of 42% from the average session volume of 604,749 shares. The stock had previously closed at $15.61.

Wall Street Analyst Weigh In

SYRE has been the topic of several recent analyst reports. Wedbush reissued an "outperform" rating and issued a $65.00 target price on shares of Spyre Therapeutics in a report on Wednesday, August 6th. BTIG Research restated a "buy" rating and set a $70.00 price objective on shares of Spyre Therapeutics in a research note on Tuesday, September 16th. Wall Street Zen cut shares of Spyre Therapeutics from a "hold" rating to a "sell" rating in a report on Saturday, September 20th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Spyre Therapeutics in a report on Friday. They set a "buy" rating and a $43.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating and seven have assigned a Buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $54.29.

Spyre Therapeutics Stock Performance

The business's 50-day moving average price is $16.40 and its 200 day moving average price is $15.74. The stock has a market capitalization of $989.35 million, a PE ratio of -4.80 and a beta of 2.87.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last released its earnings results 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, equities research analysts predict that Spyre Therapeutics, Inc. will post -4.46 earnings per share for the current year.

Insider Transactions at Spyre Therapeutics

In other 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 transaction of $299,639.28. Following the completion of the transaction, the chief financial officer directly owned 97,994 shares of the company's stock, valued at $1,593,382.44. The trade was a 15.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 15.43% of the company's stock.

Hedge Funds Weigh In On Spyre Therapeutics

Several hedge funds have recently modified their holdings of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Spyre Therapeutics by 4.2% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,741 shares of the company's stock valued at $527,000 after buying an additional 916 shares during the last quarter. Millennium Management LLC purchased a new position in shares of Spyre Therapeutics during the 4th quarter valued at approximately $3,906,000. ProShare Advisors LLC purchased a new position in shares of Spyre Therapeutics during the 4th quarter valued at approximately $292,000. Squarepoint Ops LLC increased its holdings in Spyre Therapeutics by 79.7% in the 4th quarter. Squarepoint Ops LLC now owns 15,231 shares of the company's stock worth $355,000 after acquiring an additional 6,754 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Spyre Therapeutics by 85.2% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 48,981 shares of the company's stock worth $1,140,000 after purchasing an additional 22,540 shares during 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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