Spyre Therapeutics (NASDAQ:SYRE) Stock Price Up 5.2% – Here’s Why

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) were up 5.2% during trading on Thursday . The company traded as high as $17.83 and last traded at $17.91. Approximately 127,940 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 548,511 shares. The stock had previously closed at $17.02.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on SYRE. Wolfe Research assumed coverage on Spyre Therapeutics in a research note on Tuesday, March 18th. They set an “outperform” rating and a $27.00 target price for the company. The Goldman Sachs Group upgraded Spyre Therapeutics to a “strong-buy” rating in a report on Tuesday, February 18th. Finally, Wedbush reiterated an “outperform” rating and set a $65.00 target price on shares of Spyre Therapeutics in a research note on Monday, January 13th. Seven investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $50.33.

Spyre Therapeutics Price Performance

The stock’s fifty day moving average is $20.65 and its 200-day moving average is $25.73. The stock has a market capitalization of $1.06 billion, a P/E ratio of -2.36 and a beta of 2.98.

Spyre Therapeutics (NASDAQ:SYRE) last posted its earnings results on Thursday, February 27th. The company reported ($0.81) earnings per share for the quarter, topping the consensus estimate of ($0.89) by $0.08. On average, research analysts expect that Spyre Therapeutics, Inc. will post -4.46 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of SYRE. GF Fund Management CO. LTD. acquired a new position in shares of Spyre Therapeutics during the 4th quarter worth about $29,000. Huntington National Bank bought a new stake in shares of Spyre Therapeutics in the fourth quarter valued at approximately $34,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Spyre Therapeutics in the fourth quarter worth $46,000. Quest Partners LLC increased its position in Spyre Therapeutics by 271.2% during the third quarter. Quest Partners LLC now owns 5,654 shares of the company’s stock worth $166,000 after acquiring an additional 4,131 shares during the period. Finally, KLP Kapitalforvaltning AS acquired a new position in Spyre Therapeutics during the 4th quarter valued at $182,000. 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).