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

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.

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

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).