Spyre Therapeutics (NASDAQ:SYRE) Stock Price Up 6.6% Following Earnings Beat

Spyre Therapeutics, Inc. (NASDAQ:SYRE)’s share price was up 6.6% during mid-day trading on Friday following a better than expected earnings announcement. The company traded as high as $19.98 and last traded at $19.58. Approximately 166,624 shares changed hands during trading, a decline of 72% from the average daily volume of 587,481 shares. The stock had previously closed at $18.37.

The company reported ($0.81) EPS for the quarter, topping analysts’ consensus estimates of ($0.89) by $0.08.

Wall Street Analyst Weigh In

SYRE has been the subject of a number of recent analyst reports. Robert W. Baird lifted their price target 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. The Goldman Sachs Group upgraded shares of Spyre Therapeutics to a “strong-buy” rating in a research report on Tuesday, February 18th. Finally, Wedbush reiterated an “outperform” rating and set a $65.00 price target on shares of Spyre Therapeutics in a research report on Monday, January 13th. Seven research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $54.83.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in SYRE. GF Fund Management CO. LTD. acquired a new position in shares of Spyre Therapeutics in the fourth quarter valued at approximately $29,000. Huntington National Bank acquired a new position in shares of Spyre Therapeutics in the fourth quarter valued at approximately $34,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Spyre Therapeutics in the fourth quarter valued at approximately $46,000. Quest Partners LLC grew its holdings in Spyre Therapeutics by 271.2% during the 3rd quarter. Quest Partners LLC now owns 5,654 shares of the company’s stock worth $166,000 after acquiring an additional 4,131 shares in the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new position in Spyre Therapeutics during the 4th quarter worth approximately $182,000. Institutional investors and hedge funds own 80.39% of the company’s stock.

Spyre Therapeutics Trading Up 7.2 %

The company has a market cap of $1.01 billion, a price-to-earnings ratio of -2.64 and a beta of 2.85. The firm’s fifty day simple moving average is $22.45 and its 200 day simple moving average is $26.83.

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).