Spyre Therapeutics (NASDAQ:SYRE) Shares Gap Up - Still a Buy?

Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report) gapped up prior to trading on Friday . The stock had previously closed at $17.69, but opened at $18.18. Spyre Therapeutics shares last traded at $17.44, with a volume of 14,384 shares trading hands.

Wall Street Analysts Forecast Growth

SYRE has been the topic of several research reports. Wedbush restated an "outperform" rating and set a $65.00 price objective on shares of Spyre Therapeutics in a report on Monday, January 13th. The Goldman Sachs Group upgraded Spyre Therapeutics to a "strong-buy" rating in a research note on Tuesday, February 18th. Finally, Wolfe Research started coverage on Spyre Therapeutics in a research note on Tuesday, March 18th. They issued an "outperform" rating and a $27.00 price objective for the company. Seven analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $50.33.

Spyre Therapeutics Stock Down 10.0 %

The stock has a 50-day moving average of $20.54 and a 200 day moving average of $25.55. The company has a market capitalization of $972.55 million, a PE ratio of -2.16 and a beta of 2.98.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last released its earnings results 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 EPS for the current fiscal year.

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Institutional Investors Weigh In On Spyre Therapeutics

Large investors have recently modified their holdings of the stock. Intech Investment Management LLC bought a new position in Spyre Therapeutics during the third quarter valued at $246,000. Charles Schwab Investment Management Inc. increased its stake in shares of Spyre Therapeutics by 239.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 333,275 shares of the company's stock worth $9,802,000 after purchasing an additional 235,094 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Spyre Therapeutics by 15.0% in the third quarter. The Manufacturers Life Insurance Company now owns 43,460 shares of the company's stock valued at $1,278,000 after purchasing an additional 5,678 shares during the period. FMR LLC lifted its stake in shares of Spyre Therapeutics by 1.5% during the 3rd quarter. FMR LLC now owns 7,623,881 shares of the company's stock valued at $224,218,000 after buying an additional 115,898 shares in the last quarter. Finally, MetLife Investment Management LLC grew its stake in Spyre Therapeutics by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 20,132 shares of the company's stock valued at $592,000 after buying an additional 11,344 shares in the last quarter. Hedge funds and other institutional investors 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).