Brokerages Set Spyre Therapeutics, Inc. (NASDAQ:SYRE) Price Target at $53.40

Spyre Therapeutics, Inc. (NASDAQ:SYRE) has earned a consensus recommendation of “Buy” from the eight brokerages that are covering the firm, Marketbeat reports. Six investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $53.40.

Several equities analysts recently weighed in on SYRE shares. Leerink Partners started coverage on Spyre Therapeutics in a research note on Tuesday, April 8th. They issued an “outperform” rating and a $45.00 price target for the company. Wedbush restated an “outperform” rating and issued a $65.00 price target on shares of Spyre Therapeutics in a research note on Monday, May 5th. Leerink Partnrs upgraded Spyre Therapeutics to a “strong-buy” rating in a research note on Tuesday, April 8th. 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 target for the company.

Spyre Therapeutics Stock Performance

NASDAQ SYRE opened at $15.41 on Friday. The stock has a 50-day simple moving average of $15.06 and a two-hundred day simple moving average of $18.57. The firm has a market capitalization of $928.91 million, a P/E ratio of -4.09 and a beta of 2.72. Spyre Therapeutics has a fifty-two week low of $10.91 and a fifty-two week high of $40.26.

Spyre Therapeutics (NASDAQ:SYRE) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.74) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.02. As a group, analysts forecast that Spyre Therapeutics will post -4.46 earnings per share for the current year.

Institutional Investors Weigh In On Spyre Therapeutics

A number of hedge funds have recently modified their holdings of the business. FMR LLC raised its position in shares of Spyre Therapeutics by 15.4% in the fourth quarter. FMR LLC now owns 8,801,266 shares of the company’s stock valued at $204,893,000 after buying an additional 1,177,385 shares during the last quarter. RTW Investments LP boosted its holdings in shares of Spyre Therapeutics by 11.2% during the 4th quarter. RTW Investments LP now owns 3,621,996 shares of the company’s stock worth $84,320,000 after purchasing an additional 363,636 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Spyre Therapeutics by 1.8% during the 1st quarter. Vanguard Group Inc. now owns 2,898,267 shares of the company’s stock worth $46,764,000 after purchasing an additional 51,794 shares during the last quarter. Driehaus Capital Management LLC boosted its holdings in shares of Spyre Therapeutics by 308.1% during the 4th quarter. Driehaus Capital Management LLC now owns 2,803,655 shares of the company’s stock worth $65,269,000 after purchasing an additional 2,116,575 shares during the last quarter. Finally, Braidwell LP boosted its holdings in shares of Spyre Therapeutics by 17.7% during the 4th quarter. Braidwell LP now owns 2,578,404 shares of the company’s stock worth $60,025,000 after purchasing an additional 388,568 shares during the last quarter. 80.39% of the stock is currently owned by institutional investors and hedge funds.

Spyre Therapeutics Company Profile

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).