Cinctive Capital Management LP Takes $1.80 Million Position in Spyre Therapeutics, Inc. (NASDAQ:SYRE)

Cinctive Capital Management LP acquired a new position in shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 61,256 shares of the company’s stock, valued at approximately $1,802,000. Cinctive Capital Management LP owned approximately 0.12% of Spyre Therapeutics as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also added to or reduced their stakes in SYRE. Amalgamated Bank bought a new position in shares of Spyre Therapeutics in the second quarter worth $28,000. Quest Partners LLC bought a new position in Spyre Therapeutics in the 2nd quarter worth about $36,000. SG Americas Securities LLC purchased a new stake in shares of Spyre Therapeutics in the 2nd quarter valued at about $130,000. The Manufacturers Life Insurance Company boosted its position in shares of Spyre Therapeutics by 15.0% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 43,460 shares of the company’s stock valued at $1,278,000 after acquiring an additional 5,678 shares during the last quarter. Finally, Intech Investment Management LLC purchased a new position in shares of Spyre Therapeutics during the third quarter worth about $246,000. Institutional investors own 80.39% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on SYRE shares. Guggenheim raised 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. Robert W. Baird raised their price objective on shares of Spyre Therapeutics from $50.00 to $65.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Finally, Wedbush reaffirmed an “outperform” rating and set a $45.00 price objective on shares of Spyre Therapeutics in a report on Friday, November 8th. Nine analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $48.57.

Spyre Therapeutics Stock Performance

Shares of Spyre Therapeutics stock opened at $27.27 on Wednesday. The stock has a market capitalization of $1.40 billion, a price-to-earnings ratio of -3.65 and a beta of 2.82. The company has a fifty day moving average of $31.03 and a 200-day moving average of $29.70. Spyre Therapeutics, Inc. has a 52-week low of $14.22 and a 52-week high of $47.97.

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).