Spyre Therapeutics (NASDAQ:SYRE) Now Covered by Wedbush

Wedbush assumed coverage on shares of Spyre Therapeutics (NASDAQ:SYRE) in a report issued on Wednesday morning, Marketbeat reports. The firm issued an outperform rating and a $45.00 price objective on the stock. Wedbush also issued estimates for Spyre Therapeutics’ Q3 2024 earnings at ($0.45) EPS, Q4 2024 earnings at ($0.47) EPS, FY2024 earnings at ($2.82) EPS, FY2025 earnings at ($1.96) EPS, FY2026 earnings at ($2.45) EPS, FY2027 earnings at ($2.75) EPS and FY2028 earnings at ($2.88) EPS.

A number of other brokerages also recently commented on SYRE. Wells Fargo & Company lifted their target price on Spyre Therapeutics from $35.00 to $40.00 and gave the company an overweight rating in a research note on Monday, May 13th. BTIG Research lifted their target price on Spyre Therapeutics from $32.00 to $40.00 and gave the company a buy rating in a research note on Friday, May 10th. Finally, Evercore ISI assumed coverage on Spyre Therapeutics in a research note on Tuesday, July 16th. They issued an outperform rating for the company. Ten investment analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of Buy and an average price target of $43.43.

Spyre Therapeutics Stock Performance

NASDAQ:SYRE opened at $27.96 on Wednesday. The company has a market capitalization of $1.13 billion, a price-to-earnings ratio of -0.39 and a beta of 2.92. Spyre Therapeutics has a one year low of $8.43 and a one year high of $47.97. The stock has a 50-day simple moving average of $27.46 and a 200 day simple moving average of $31.79.

Spyre Therapeutics (NASDAQ:SYRE) last posted its quarterly earnings results on Wednesday, August 7th. The company reported ($0.86) EPS for the quarter, topping analysts’ consensus estimates of ($0.90) by $0.04. On average, equities research analysts forecast that Spyre Therapeutics will post -3.96 EPS for the current fiscal year.

Hedge Funds Weigh In On Spyre Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in SYRE. Amalgamated Bank purchased a new position in shares of Spyre Therapeutics during the 2nd quarter valued at $28,000. Quest Partners LLC purchased a new position in shares of Spyre Therapeutics during the 2nd quarter valued at $36,000. SG Americas Securities LLC acquired a new stake in shares of Spyre Therapeutics in the 2nd quarter valued at $130,000. Carlyle Group Inc. acquired a new stake in shares of Spyre Therapeutics in the 2nd quarter valued at $227,000. Finally, Profund Advisors LLC acquired a new stake in shares of Spyre Therapeutics in the 2nd quarter valued at $296,000. 80.39% of the stock is currently owned by hedge funds and other institutional investors.

Spyre Therapeutics Company Profile

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).