Spyre Therapeutics, Inc. (NASDAQ:SYRE) Receives Consensus Rating of “Buy” from Brokerages

Spyre Therapeutics, Inc. (NASDAQ:SYRE) has earned an average recommendation of “Buy” from the nine research firms that are currently covering the firm, Marketbeat reports. Nine analysts have rated the stock with a buy rating. The average 12-month target price among brokers that have issued a report on the stock in the last year is $43.17.

A number of brokerages have recently weighed in on SYRE. BTIG Research boosted their target price on Spyre Therapeutics from $32.00 to $40.00 and gave the stock a “buy” rating in a research note on Friday, May 10th. Evercore ISI began coverage on Spyre Therapeutics in a research note on Tuesday, July 16th. They issued an “outperform” rating on the stock. Finally, Wells Fargo & Company boosted their target price on Spyre Therapeutics from $35.00 to $40.00 and gave the stock an “overweight” rating in a research note on Monday, May 13th.

Spyre Therapeutics Stock Performance

SYRE stock opened at $28.75 on Monday. The company has a market capitalization of $1.46 billion, a P/E ratio of -0.40 and a beta of 2.93. Spyre Therapeutics has a 52-week low of $8.43 and a 52-week high of $47.97. The business has a 50-day simple moving average of $27.01 and a two-hundred day simple moving average of $31.68.

Spyre Therapeutics (NASDAQ:SYRE) last released its quarterly earnings results on Wednesday, August 7th. The company reported ($0.86) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.90) by $0.04. As a group, sell-side analysts forecast that Spyre Therapeutics will post -3.96 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Spyre Therapeutics

Institutional investors have recently bought and sold shares of the company. Amalgamated Bank purchased a new stake in shares of Spyre Therapeutics during the second quarter worth $28,000. Quest Partners LLC purchased a new stake in shares of Spyre Therapeutics during the second quarter worth $36,000. SG Americas Securities LLC purchased a new stake in shares of Spyre Therapeutics during the second quarter worth $130,000. Carlyle Group Inc. purchased a new stake in shares of Spyre Therapeutics during the second quarter worth $227,000. Finally, Profund Advisors LLC purchased a new stake in shares of Spyre Therapeutics during the second quarter worth $296,000. 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).