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

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) increased before the market opened on Friday. The stock had previously closed at $17.69 but opened higher at $18.18. As of the latest trade, Spyre Therapeutics shares were priced at $17.44, with 14,384 shares exchanged.

Analyst Ratings Changes

Multiple brokerages have recently issued reports on Spyre Therapeutics. Wolfe Research initiated coverage on March 18, giving the stock an "outperform" rating and a target price of $27.00. Similarly, Wedbush maintained an "outperform" rating with a much higher target of $65.00 reported on January 13. Additionally, The Goldman Sachs Group upgraded their rating to "strong-buy" on February 18. Currently, seven analysts are recommending a buy for the stock, and one has issued a strong buy rating. According to MarketBeat data, the average rating for Spyre Therapeutics is "Buy," while the consensus target price is $50.33.

Spyre Therapeutics Price Performance

Spyre Therapeutics carries a market capitalization of $1.09 billion and has a PE ratio of -2.42, accompanied by a beta of 2.98. The company's stock has a 50-day moving average of $20.60, and its 200-day moving average is at $25.67.

Earnings Report

The company last shared its earnings results on February 27, reporting an earnings per share (EPS) of ($0.81), which was better than analysts' consensus estimate of ($0.89) by $0.08. Analysts predict that Spyre Therapeutics is likely to post an EPS of -4.46 for the ongoing fiscal year.

Institutional Investors Weigh In On Spyre Therapeutics

Several institutional investors have been active in trading Spyre Therapeutics shares recently. For instance, GF Fund Management CO. LTD. purchased a new stake valued at approximately $29,000 in the fourth quarter. Meanwhile, Huntington National Bank also acquired a new position worth around $34,000 during the same period. Mirae Asset Global Investments Co. Ltd. bought shares valued at about $46,000. Quest Partners LLC increased its holdings by 271.2% in the third quarter, owning 5,654 shares valued at $166,000 after acquiring an additional 4,131 shares. Overall, institutional investors and hedge funds own 80.39% of the company's stock, indicating strong institutional interest.

About Spyre Therapeutics

Spyre Therapeutics, Inc. is a preclinical stage biotechnology company focused on creating treatments for individuals suffering from inflammatory bowel disease (IBD). They are developing SPY001, a human monoclonal immunoglobulin G1 antibody that selectively targets the a4ß7 integrin, specifically aimed at treating IBD, including ulcerative colitis and Crohn's disease.

Spyre, Stock, Earnings