Spyre Therapeutics (NASDAQ:SYRE) Shares Gap Up - Here's Why

Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report)'s stock price gapped up prior to trading on Friday . The stock had previously closed at $33.70, but opened at $34.86. Spyre Therapeutics shares last traded at $35.76, with a volume of 29,172 shares changing hands.

Analysts Set New Price Targets

Several equities analysts have issued reports on SYRE shares. Guggenheim boosted their target price on Spyre Therapeutics from $50.00 to $65.00 and gave the stock a "buy" rating in a research report on Friday. Evercore ISI started coverage on shares of Spyre Therapeutics in a research note on Tuesday, July 16th. They issued an "outperform" rating for the company. Finally, Wedbush initiated coverage on shares of Spyre Therapeutics in a report on Wednesday, September 4th. They issued an "outperform" rating and a $45.00 target price for the company. Ten investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average price target of $46.43.

Spyre Therapeutics Trading Up 3.3 %

The business has a 50 day simple moving average of $28.91 and a two-hundred day simple moving average of $30.48. The company has a market cap of $1.40 billion, a PE ratio of -0.49 and a beta of 2.92.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last posted its quarterly earnings data on Wednesday, August 7th. The company reported ($0.86) EPS for the quarter, beating analysts' consensus estimates of ($0.90) by $0.04. On average, equities research analysts expect that Spyre Therapeutics, Inc. will post -3.68 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SYRE. Amalgamated Bank purchased a new position in shares of Spyre Therapeutics in the 2nd quarter valued at $28,000. Quest Partners LLC purchased a new position in Spyre Therapeutics in the second quarter valued at about $36,000. SG Americas Securities LLC acquired a new position in shares of Spyre Therapeutics during the second quarter worth about $130,000. Carlyle Group Inc. acquired a new position in shares of Spyre Therapeutics during the second quarter worth about $227,000. Finally, Profund Advisors LLC purchased a new stake in shares of Spyre Therapeutics in the second quarter worth about $296,000. 80.39% of the stock is 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).