Spyre Therapeutics, Inc. (NASDAQ:SYRE) Given Average Recommendation of “Buy” by Analysts

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) have earned a consensus recommendation of “Buy” from the ten brokerages that are presently covering the stock, MarketBeat reports. Ten equities research analysts have rated the stock with a buy rating. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $46.43.

Several analysts have weighed in on the stock. Guggenheim boosted their target price on shares of Spyre Therapeutics from $50.00 to $65.00 and gave the company a “buy” rating in a research note on Friday, October 25th. Wedbush reiterated an “outperform” rating and set a $45.00 price objective on shares of Spyre Therapeutics in a research note on Friday. Finally, Evercore ISI started coverage on Spyre Therapeutics in a research note on Tuesday, July 16th. They issued an “outperform” rating for the company.

Spyre Therapeutics Stock Performance

Shares of Spyre Therapeutics stock opened at $39.58 on Friday. Spyre Therapeutics has a 1 year low of $8.43 and a 1 year high of $47.97. The firm’s 50-day simple moving average is $30.76 and its 200-day simple moving average is $30.40. The firm has a market cap of $2.02 billion, a PE ratio of -2.56 and a beta of 2.90.

Spyre Therapeutics (NASDAQ:SYRE) last issued its earnings results on Wednesday, August 7th. The company reported ($0.86) EPS for the quarter, topping the consensus estimate of ($0.90) by $0.04. On average, equities analysts predict that Spyre Therapeutics will post -4.18 earnings per share for the current year.

Hedge Funds Weigh In On Spyre Therapeutics

A number of institutional investors and hedge funds have recently bought and sold shares of SYRE. Avoro Capital Advisors LLC bought a new position in shares of Spyre Therapeutics in the second quarter valued at approximately $43,238,000. Assenagon Asset Management S.A. acquired a new stake in Spyre Therapeutics in the third quarter worth approximately $33,609,000. Driehaus Capital Management LLC bought a new position in Spyre Therapeutics during the 2nd quarter valued at $16,153,000. Farallon Capital Management LLC acquired a new position in shares of Spyre Therapeutics during the 2nd quarter valued at $15,658,000. Finally, Logos Global Management LP acquired a new stake in shares of Spyre Therapeutics in the second quarter valued at $13,518,000. 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).