Spyre Therapeutics (NASDAQ:SYRE) Trading Up 8.5% - Here's Why

Key Points

• Spyre Therapeutics (NASDAQ:SYRE) stock surged by 8.5%, reaching a high of $17.00 before last trading at $17.24, despite a significant decline in trading volume.
• The company recently reported earnings of ($0.49) EPS, surpassing analyst estimates, with an average price target of $53.40 according to market analysts.
• Hedge funds have notably increased their positions in Spyre Therapeutics, with institutional investors holding 80.39% of the company's stock as of the latest quarter.

Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report)'s stock price traded up 8.5% on Wednesday . The stock traded as high as $17.00 and last traded at $17.24. 77,530 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 613,344 shares. The stock had previously closed at $15.89.

Wall Street Analyst Weigh In

Separately, Wedbush reissued an "outperform" rating and issued a $65.00 price target on shares of Spyre Therapeutics in a research note on Wednesday, August 6th. Five analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $53.40.

Spyre Therapeutics Stock Performance

The company has a market capitalization of $1.05 billion, a PE ratio of -5.09 and a beta of 2.82. The company's 50-day moving average is $16.24 and its 200 day moving average is $16.83.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported ($0.49) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.73) by $0.24. On average, analysts forecast that Spyre Therapeutics, Inc. will post -4.46 EPS for the current fiscal year.

Hedge Funds Weigh In On Spyre Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of SYRE. Driehaus Capital Management LLC raised its position in Spyre Therapeutics by 308.1% in the 4th quarter. Driehaus Capital Management LLC now owns 2,803,655 shares of the company's stock worth $65,269,000 after purchasing an additional 2,116,575 shares during the period. Jefferies Financial Group Inc. lifted its holdings in Spyre Therapeutics by 167.6% during the 4th quarter. Jefferies Financial Group Inc. now owns 1,216,954 shares of the company's stock valued at $28,331,000 after buying an additional 762,147 shares in the last quarter. Paradigm Biocapital Advisors LP grew its stake in Spyre Therapeutics by 39.3% in the 1st quarter. Paradigm Biocapital Advisors LP now owns 2,127,205 shares of the company's stock worth $34,322,000 after acquiring an additional 600,000 shares in the last quarter. Boxer Capital Management LLC purchased a new position in shares of Spyre Therapeutics during the fourth quarter worth approximately $10,864,000. Finally, Deerfield Management Company L.P. Series C bought a new stake in shares of Spyre Therapeutics during the fourth quarter valued at approximately $10,476,000. 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).

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