Spyre Therapeutics (NASDAQ:SYRE) Shares Up 9.4% – Time to Buy?

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s stock price was up 9.4% during trading on Tuesday . The stock traded as high as $22.60 and last traded at $22.57. Approximately 198,971 shares changed hands during trading, a decline of 64% from the average daily volume of 548,306 shares. The stock had previously closed at $20.62.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Guggenheim increased their target price on shares of Spyre Therapeutics from $50.00 to $65.00 and gave the stock a “buy” rating in a research note on Friday, October 25th. Robert W. Baird increased their price objective on Spyre Therapeutics from $50.00 to $65.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. Finally, Wedbush restated an “outperform” rating and set a $65.00 target price on shares of Spyre Therapeutics in a research report on Monday, January 13th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, Spyre Therapeutics currently has a consensus rating of “Buy” and a consensus target price of $54.83.

Spyre Therapeutics Trading Up 7.4 %

The business’s fifty day moving average price is $25.40 and its 200-day moving average price is $28.04. The company has a market capitalization of $1.14 billion, a P/E ratio of -2.94 and a beta of 2.86.

Institutional Trading of Spyre Therapeutics

Hedge funds have recently added to or reduced their stakes in the business. Amalgamated Bank purchased a new position in shares of Spyre Therapeutics in the second quarter worth about $28,000. Quest Partners LLC increased its stake in Spyre Therapeutics by 271.2% in the 3rd quarter. Quest Partners LLC now owns 5,654 shares of the company’s stock worth $166,000 after purchasing an additional 4,131 shares during the period. Intech Investment Management LLC bought a new stake in Spyre Therapeutics in the third quarter valued at approximately $246,000. SG Americas Securities LLC boosted its stake in shares of Spyre Therapeutics by 127.0% during the third quarter. SG Americas Securities LLC now owns 12,589 shares of the company’s stock valued at $370,000 after purchasing an additional 7,044 shares during the period. Finally, Profund Advisors LLC bought a new position in shares of Spyre Therapeutics in the second quarter worth approximately $296,000. 80.39% of the stock is owned by 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).