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Spyre Therapeutics (NASDAQ:SYRE) Trading Up 6.6% After Better-Than-Expected Earnings

Spyre Therapeutics logo with Medical background
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Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report)'s stock price rose 6.6% on Friday following a better than expected earnings announcement. The stock traded as high as $19.98 and last traded at $19.58. Approximately 166,624 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 587,481 shares. The stock had previously closed at $18.37.

The company reported ($0.81) earnings per share for the quarter, beating analysts' consensus estimates of ($0.89) by $0.08.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Wedbush reissued an "outperform" rating and issued a $65.00 price objective on shares of Spyre Therapeutics in a research note on Monday, January 13th. The Goldman Sachs Group raised Spyre Therapeutics to a "strong-buy" rating in a research report on Tuesday, February 18th. Finally, Robert W. Baird lifted 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 analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $54.83.

Get Our Latest Report on SYRE

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Barclays PLC grew its stake in Spyre Therapeutics by 64.7% in the third quarter. Barclays PLC now owns 105,467 shares of the company's stock valued at $3,101,000 after purchasing an additional 41,424 shares during the last quarter. China Universal Asset Management Co. Ltd. bought a new stake in shares of Spyre Therapeutics in the 4th quarter valued at about $290,000. Charles Schwab Investment Management Inc. grew its position in shares of Spyre Therapeutics by 239.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 333,275 shares of the company's stock worth $9,802,000 after buying an additional 235,094 shares during the last quarter. Jane Street Group LLC raised its stake in shares of Spyre Therapeutics by 78.7% during the 3rd quarter. Jane Street Group LLC now owns 20,641 shares of the company's stock worth $607,000 after acquiring an additional 9,090 shares in the last quarter. Finally, State Street Corp lifted its position in Spyre Therapeutics by 9.4% during the third quarter. State Street Corp now owns 1,541,555 shares of the company's stock valued at $45,337,000 after acquiring an additional 131,896 shares during the last quarter. 80.39% of the stock is owned by institutional investors.

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Spyre Therapeutics Price Performance

The stock's 50-day moving average is $22.25 and its 200 day moving average is $26.76. The company has a market cap of $937.07 million, a PE ratio of -2.44 and a beta of 2.85.

About Spyre Therapeutics

(Get Free Report)

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).

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