Spyre Therapeutics (NASDAQ:SYRE) Trading 6.6% Higher After Strong Earnings

Spyre Therapeutics, Inc. (NASDAQ:SYRE) traded up 6.6% during mid-day trading on Friday following a stronger than expected earnings report. The stock traded as high as $19.98 and last traded at $19.58. 166,624 shares were traded during mid-day trading, a decline of 72% from the average session volume of 587,481 shares. The stock had previously closed at $18.37.

The company reported ($0.81) earnings per share for the quarter, topping the consensus estimate of ($0.89) by $0.08.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on SYRE shares. Wedbush restated an “outperform” rating and set a $65.00 target price on shares of Spyre Therapeutics in a research note on Monday, January 13th. The Goldman Sachs Group upgraded Spyre Therapeutics to a “strong-buy” rating in a research note on Tuesday, February 18th. Finally, Robert W. Baird boosted their target price on Spyre Therapeutics from $50.00 to $65.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Seven equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $54.83.

Institutional Investors Weigh In On Spyre Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Spyre Therapeutics by 4.2% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 22,741 shares of the company’s stock valued at $527,000 after buying an additional 916 shares during the last quarter. GF Fund Management CO. LTD. purchased a new stake in Spyre Therapeutics in the fourth quarter valued at approximately $29,000. MetLife Investment Management LLC lifted its stake in Spyre Therapeutics by 6.2% in the fourth quarter. MetLife Investment Management LLC now owns 21,382 shares of the company’s stock valued at $498,000 after buying an additional 1,250 shares during the last quarter. Huntington National Bank purchased a new stake in Spyre Therapeutics in the fourth quarter valued at approximately $34,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Spyre Therapeutics during the fourth quarter worth approximately $46,000. Hedge funds and other institutional investors own 80.39% of the company’s stock.

Spyre Therapeutics Price Performance

The company has a 50 day moving average price of $22.36 and a 200 day moving average price of $26.81. The firm has a market cap of $1.01 billion, a PE ratio of -2.64 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).