Wall Street Zen Upgrades Spyre Therapeutics (NASDAQ:SYRE) to "Hold"

Key Points

• Spyre Therapeutics has been upgraded by Wall Street Zen from a "sell" to a "hold" rating, reflecting a more favorable view of the company's prospects.
• Wedbush maintained an "outperform" rating for Spyre Therapeutics, setting a target price of $65.00 for the stock.
• The company focuses on developing treatments for inflammatory bowel disease, with its leading product candidate being SPY001, a monoclonal antibody targeting a specific integrin.

Wall Street Zen upgraded shares of Spyre Therapeutics (NASDAQ:SYRE - Free Report) from a sell rating to a hold rating in a research report sent to investors on Saturday.

Separately, Wedbush reiterated an "outperform" rating and set a $65.00 price target on shares of Spyre Therapeutics in a research report on Wednesday, August 6th. Two analysts have rated the stock with a Strong Buy rating and five have assigned a Buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $53.40.

Spyre Therapeutics Stock Up 1.3%

Spyre Therapeutics stock traded up $0.22 during mid-day trading on Friday, hitting $17.28. 150,922 shares of the company's stock traded hands, compared to its average volume of 608,315. The firm has a 50 day moving average price of $16.19 and a 200 day moving average price of $16.43. The company has a market cap of $1.04 billion, a PE ratio of -5.08 and a beta of 2.82. Spyre Therapeutics has a one year low of $10.91 and a one year high of $40.26.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last announced its earnings results on Tuesday, August 5th. The company reported ($0.49) earnings per share for the quarter, beating the consensus estimate of ($0.73) by $0.24. On average, analysts expect that Spyre Therapeutics will post -4.46 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spyre Therapeutics

A number of hedge funds have recently modified their holdings of the stock. California State Teachers Retirement System grew its holdings in shares of Spyre Therapeutics by 1.8% in the 2nd quarter. California State Teachers Retirement System now owns 33,201 shares of the company's stock worth $497,000 after acquiring an additional 603 shares during the last quarter. F m Investments LLC grew its holdings in shares of Spyre Therapeutics by 1.4% in the 2nd quarter. F m Investments LLC now owns 52,546 shares of the company's stock worth $787,000 after acquiring an additional 702 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Spyre Therapeutics by 4.2% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,741 shares of the company's stock worth $527,000 after acquiring an additional 916 shares during the last quarter. AlphaQuest LLC grew its holdings in shares of Spyre Therapeutics by 30.8% in the 2nd quarter. AlphaQuest LLC now owns 4,174 shares of the company's stock worth $62,000 after acquiring an additional 983 shares during the last quarter. Finally, Ameritas Investment Partners Inc. grew its holdings in shares of Spyre Therapeutics by 25.8% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 5,091 shares of the company's stock worth $76,000 after acquiring an additional 1,045 shares during the last quarter. 80.39% of the stock is currently owned by institutional investors and hedge funds.

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).