Spyre Therapeutics (NASDAQ:SYRE) Trading 6.3% Higher - Here's What Happened

Spyre Therapeutics, Inc. (NASDAQ:SYRE - Get Free Report) was up 6.3% during mid-day trading on Monday . The company traded as high as $13.45 and last traded at $13.47. Approximately 99,726 shares were traded during trading, a decline of 85% from the average daily volume of 679,071 shares. The stock had previously closed at $12.67.

Wall Street Analysts Forecast Growth

SYRE has been the topic of a number of analyst reports. The Goldman Sachs Group raised Spyre Therapeutics to a "strong-buy" rating in a research report on Tuesday, February 18th. Leerink Partnrs raised Spyre Therapeutics to a "strong-buy" rating in a research note on Tuesday, April 8th. Wedbush reiterated an "outperform" rating and set a $65.00 price target on shares of Spyre Therapeutics in a report on Monday, January 13th. Leerink Partners began coverage on Spyre Therapeutics in a research note on Tuesday, April 8th. They set an "outperform" rating and a $45.00 target price on the stock. Finally, Wolfe Research initiated coverage on Spyre Therapeutics in a research note on Tuesday, March 18th. They issued an "outperform" rating and a $27.00 price target for the company. Eight analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat.com, Spyre Therapeutics has an average rating of "Buy" and a consensus price target of $49.57.

Spyre Therapeutics Stock Performance

The stock has a market cap of $871.35 million, a PE ratio of -1.94 and a beta of 3.05. The company's 50-day moving average price is $16.73 and its 200 day moving average price is $23.39.

Spyre Therapeutics (NASDAQ:SYRE - Get Free Report) last released its quarterly 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, sell-side analysts anticipate that Spyre Therapeutics, Inc. will post -4.46 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spyre Therapeutics

Several large investors have recently added to or reduced their stakes in the company. Jane Street Group LLC increased its stake in shares of Spyre Therapeutics by 78.7% in the third quarter. Jane Street Group LLC now owns 20,641 shares of the company's stock worth $607,000 after purchasing an additional 9,090 shares in the last quarter. Barclays PLC raised its holdings in Spyre Therapeutics by 64.7% during the third quarter. Barclays PLC now owns 105,467 shares of the company's stock valued at $3,101,000 after acquiring an additional 41,424 shares during the period. Geode Capital Management LLC lifted its position in shares of Spyre Therapeutics by 16.4% in the third quarter. Geode Capital Management LLC now owns 891,048 shares of the company's stock valued at $26,211,000 after acquiring an additional 125,214 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of Spyre Therapeutics by 2.5% in the third quarter. Franklin Resources Inc. now owns 760,666 shares of the company's stock worth $23,322,000 after acquiring an additional 18,762 shares during the period. Finally, JPMorgan Chase & Co. grew its position in shares of Spyre Therapeutics by 29.4% during the third quarter. JPMorgan Chase & Co. now owns 29,473 shares of the company's stock worth $867,000 after purchasing an additional 6,701 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).