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

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) shot up 6.6% on Friday after the company announced better than expected quarterly earnings. The company traded as high as $19.98 and last traded at $19.58. 166,624 shares traded hands 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 (EPS) for the quarter, beating the consensus estimate of ($0.89) by $0.08.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on SYRE shares. Robert W. Baird lifted their price objective on Spyre Therapeutics from $50.00 to $65.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Wedbush reissued an “outperform” rating and issued a $65.00 price target on shares of Spyre Therapeutics in a report on Monday, January 13th. Finally, The Goldman Sachs Group raised Spyre Therapeutics to a “strong-buy” rating in a report on Tuesday, February 18th. Seven research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Spyre Therapeutics currently has a consensus rating of “Buy” and a consensus price target of $54.83.

Institutional Trading of Spyre Therapeutics

Institutional investors have recently bought and sold shares of the company. GF Fund Management CO. LTD. acquired a new position in shares of Spyre Therapeutics during the 4th quarter worth $29,000. Huntington National Bank purchased a new position in Spyre Therapeutics during the 4th quarter valued at about $34,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Spyre Therapeutics during the fourth quarter worth about $46,000. Quest Partners LLC grew its position in shares of Spyre Therapeutics by 271.2% in the third quarter. Quest Partners LLC now owns 5,654 shares of the company’s stock valued at $166,000 after purchasing an additional 4,131 shares during the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new position in shares of Spyre Therapeutics during the 4th quarter worth approximately $182,000. 80.39% of the stock is currently owned by hedge funds and other institutional investors.

Spyre Therapeutics Stock Performance

The company has a 50-day moving average of $22.45 and a 200-day moving average of $26.83. The stock has a market capitalization of $992.57 million, a price-to-earnings ratio of -2.60 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).