Spyre Therapeutics (NASDAQ:SYRE) Sees Unusually-High Trading Volume – Here’s What Happened

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) saw an uptick in trading volume on Tuesday . 638,814 shares traded hands during trading, an increase of 58% from the previous session’s volume of 404,651 shares.The stock last traded at $25.85 and had previously closed at $24.42.

Analyst Ratings Changes

Several brokerages have recently weighed in on SYRE. Guggenheim raised their price objective on Spyre Therapeutics from $50.00 to $65.00 and gave the company a “buy” rating in a report on Friday, October 25th. Wedbush reaffirmed an “outperform” rating and set a $45.00 price target on shares of Spyre Therapeutics in a research report on Friday, November 8th. Finally, Robert W. Baird increased their price objective on Spyre Therapeutics from $50.00 to $65.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $51.50.

Spyre Therapeutics Stock Performance

The firm has a fifty day simple moving average of $28.18 and a 200-day simple moving average of $28.18. The firm has a market cap of $1.26 billion, a price-to-earnings ratio of -3.27 and a beta of 2.86.

Institutional Trading of Spyre Therapeutics

Hedge funds have recently modified their holdings of the stock. Amalgamated Bank bought a new position in Spyre Therapeutics in the 2nd quarter valued at about $28,000. Quest Partners LLC acquired a new stake in shares of Spyre Therapeutics during the second quarter worth $36,000. Carlyle Group Inc. bought a new stake in shares of Spyre Therapeutics in the second quarter valued at about $227,000. Intech Investment Management LLC acquired a new position in shares of Spyre Therapeutics in the third quarter valued at about $246,000. Finally, Profund Advisors LLC bought a new position in Spyre Therapeutics during the second quarter worth about $296,000. Institutional investors and hedge funds 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).