Spyre Therapeutics (NASDAQ:SYRE) Shares Up 8.5% - What's Next?

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 share price traded up 8.5% during mid-day trading on Wednesday . The company 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 reiterated an "outperform" rating and set a $65.00 target price on shares of Spyre Therapeutics in a research report on Wednesday, August 6th. Five analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $53.40.

Spyre Therapeutics Price Performance

The stock has a market capitalization of $1.02 billion, a P/E ratio of -4.98 and a beta of 2.82. The stock has a fifty day moving average price of $16.26 and a 200 day moving average price of $16.66.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last issued its quarterly earnings data 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. Research analysts anticipate that Spyre Therapeutics, Inc. will post -4.46 earnings per share for the current year.

Institutional Investors Weigh In On Spyre Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of SYRE. RTW Investments LP increased its holdings in Spyre Therapeutics by 11.2% during the 4th quarter. RTW Investments LP now owns 3,621,996 shares of the company's stock worth $84,320,000 after acquiring an additional 363,636 shares during the period. Vanguard Group Inc. grew its position in shares of Spyre Therapeutics by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 2,898,267 shares of the company's stock valued at $46,764,000 after purchasing an additional 51,794 shares in the last quarter. Driehaus Capital Management LLC grew its position in shares of Spyre Therapeutics by 308.1% during the 4th quarter. Driehaus Capital Management LLC now owns 2,803,655 shares of the company's stock valued at $65,269,000 after purchasing an additional 2,116,575 shares in the last quarter. Braidwell LP increased its holdings in shares of Spyre Therapeutics by 17.7% in the fourth quarter. Braidwell LP now owns 2,578,404 shares of the company's stock worth $60,025,000 after purchasing an additional 388,568 shares during the period. Finally, Paradigm Biocapital Advisors LP raised its position in shares of Spyre Therapeutics by 39.3% in the first quarter. Paradigm Biocapital Advisors LP now owns 2,127,205 shares of the company's stock worth $34,322,000 after buying an additional 600,000 shares in the last quarter. 80.39% of the stock is owned by hedge funds and other institutional investors.

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).