Spyre Therapeutics (NASDAQ:SYRE) Trading 6.3% Higher - Here's What Happened

Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report)'s share price rose 6.3% on Monday . The company traded as high as $13.45 and last traded at $13.47. Approximately 99,726 shares were traded during trading, a decline of 85% from the average daily volume of 679,071 shares. The stock had previously closed at $12.67.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Leerink Partners began coverage on Spyre Therapeutics in a research note on Tuesday, April 8th. They issued an "outperform" rating and a $45.00 price objective on the stock. Wedbush restated an "outperform" rating and set a $65.00 price target on shares of Spyre Therapeutics in a report on Monday, January 13th. Leerink Partnrs upgraded shares of Spyre Therapeutics to a "strong-buy" rating in a research report on Tuesday, April 8th. The Goldman Sachs Group upgraded Spyre Therapeutics to a "strong-buy" rating in a research note on Tuesday, February 18th. Finally, Wolfe Research began coverage on shares of Spyre Therapeutics in a research note on Tuesday, March 18th. They set an "outperform" rating and a $27.00 price target for the company. Eight analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Buy" and an average price target of $49.57.

Spyre Therapeutics Price Performance

The stock has a fifty day moving average of $16.57 and a 200 day moving average of $23.27. The firm has a market capitalization of $851.70 million, a P/E ratio of -1.89 and a beta of 3.05.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($0.81) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.89) by $0.08. Equities analysts forecast that Spyre Therapeutics, Inc. will post -4.46 EPS for the current fiscal year.

Institutional Trading of Spyre Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the stock. Barclays PLC boosted its stake in Spyre Therapeutics by 64.7% in the third quarter. Barclays PLC now owns 105,467 shares of the company's stock worth $3,101,000 after buying an additional 41,424 shares in the last quarter. China Universal Asset Management Co. Ltd. bought a new stake in Spyre Therapeutics in the fourth quarter valued at approximately $290,000. Victory Capital Management Inc. purchased a new stake in shares of Spyre Therapeutics during the fourth quarter valued at approximately $6,241,000. Jane Street Group LLC grew its holdings in shares of Spyre Therapeutics by 78.7% in the third quarter. Jane Street Group LLC now owns 20,641 shares of the company's stock worth $607,000 after purchasing an additional 9,090 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in Spyre Therapeutics by 16.4% during the 3rd quarter. Geode Capital Management LLC now owns 891,048 shares of the company's stock valued at $26,211,000 after buying an additional 125,214 shares during the last quarter. Hedge funds and other institutional investors own 80.39% of the company's stock.

Spyre Therapeutics Company Profile

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).