Spyre Therapeutics (NASDAQ:SYRE) Shares Gap Up – Here’s What Happened

Spyre Therapeutics, Inc. (NASDAQ:SYRE) gapped up prior to trading on Tuesday . The stock had previously closed at $18.54, but opened at $19.00. Spyre Therapeutics shares last traded at $18.30, with a volume of 75,636 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on SYRE. Wedbush reiterated an “outperform” rating and issued a $65.00 price objective on shares of Spyre Therapeutics in a report on Monday, January 13th. Wolfe Research began coverage on Spyre Therapeutics in a report on Tuesday. They issued an “outperform” rating and a $27.00 price objective for the company. Finally, The Goldman Sachs Group upgraded Spyre Therapeutics to a “strong-buy” rating in a report on Tuesday, February 18th. Eight investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Spyre Therapeutics presently has an average rating of “Buy” and a consensus price target of $50.86.

Spyre Therapeutics Price Performance

The stock has a 50-day moving average price of $21.05 and a 200-day moving average price of $26.07. The company has a market capitalization of $1.11 billion, a price-to-earnings ratio of -2.46 and a beta of 2.98.

Spyre Therapeutics (NASDAQ:SYRE) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.81) 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 earnings per share for the current year.

Hedge Funds Weigh In On Spyre Therapeutics

A number of hedge funds have recently added to or reduced their stakes in SYRE. FMR LLC boosted its holdings in shares of Spyre Therapeutics by 15.4% during the 4th quarter. FMR LLC now owns 8,801,266 shares of the company’s stock valued at $204,893,000 after acquiring an additional 1,177,385 shares in the last quarter. RTW Investments LP raised its position in shares of Spyre Therapeutics by 11.2% in 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 in the last quarter. Vanguard Group Inc. raised its position in shares of Spyre Therapeutics by 13.1% in the 4th quarter. Vanguard Group Inc. now owns 2,846,473 shares of the company’s stock worth $66,266,000 after acquiring an additional 330,553 shares in the last quarter. Driehaus Capital Management LLC raised its position in shares of 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 acquiring an additional 2,116,575 shares in the last quarter. Finally, Braidwell LP increased its position in Spyre Therapeutics by 17.7% in the 4th quarter. Braidwell LP now owns 2,578,404 shares of the company’s stock valued at $60,025,000 after buying an additional 388,568 shares in the last quarter. 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).