Spyre Therapeutics (NASDAQ:SYRE) Sees Strong Trading Volume on Analyst Upgrade

Shares of Spyre Therapeutics, Inc. (NASDAQ:SYRE) saw strong trading volume on Tuesday after Wall Street Zen upgraded the stock from a sell rating to a hold rating. 1,670,680 shares were traded during mid-day trading, an increase of 167% from the previous session’s volume of 626,709 shares.The stock last traded at $21.14 and had previously closed at $18.92.

Several other brokerages also recently weighed in on SYRE. Wedbush reiterated an “outperform” rating and issued a $65.00 price objective on shares of Spyre Therapeutics in a research report on Wednesday, August 6th. BTIG Research reiterated a “buy” rating and issued a $70.00 price objective on shares of Spyre Therapeutics in a research report on Tuesday, September 16th. Weiss Ratings restated a “sell (d-)” rating on shares of Spyre Therapeutics in a research report on Wednesday, October 8th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Spyre Therapeutics in a research report on Friday, September 26th. They set a “buy” rating and a $43.00 price target on the stock. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $54.29.

Insider Activity

In other news, CFO Scott L. Burrows sold 18,428 shares of Spyre Therapeutics stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $16.26, for a total value of $299,639.28. Following the transaction, the chief financial officer owned 97,994 shares of the company’s stock, valued at $1,593,382.44. The trade was a 15.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 6.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Spyre Therapeutics

Several hedge funds have recently made changes to their positions in the business. CWM LLC raised its holdings in shares of Spyre Therapeutics by 357.8% during the second quarter. CWM LLC now owns 1,712 shares of the company’s stock valued at $26,000 after acquiring an additional 1,338 shares during the period. AlphaQuest LLC raised its holdings in shares of Spyre Therapeutics by 45.2% during the first quarter. AlphaQuest LLC now owns 3,191 shares of the company’s stock valued at $51,000 after acquiring an additional 993 shares during the period. GAMMA Investing LLC acquired a new stake in shares of Spyre Therapeutics during the first quarter valued at approximately $70,000. Ameritas Investment Partners Inc. raised its holdings in shares of Spyre Therapeutics by 25.8% during the second quarter. Ameritas Investment Partners Inc. now owns 5,091 shares of the company’s stock valued at $76,000 after acquiring an additional 1,045 shares during the period. Finally, Tower Research Capital LLC TRC raised its holdings in shares of Spyre Therapeutics by 182.2% during the second quarter. Tower Research Capital LLC TRC now owns 5,769 shares of the company’s stock valued at $86,000 after acquiring an additional 3,725 shares during the period. Institutional investors and hedge funds own 80.39% of the company’s stock.

Spyre Therapeutics Price Performance

The stock’s fifty day moving average price is $16.57 and its 200-day moving average price is $15.67. The firm has a market cap of $1.27 billion, a price-to-earnings ratio of -6.18 and a beta of 2.90.

Spyre Therapeutics (NASDAQ:SYRE) last announced its quarterly earnings data on Tuesday, August 5th. The company reported ($0.49) EPS for the quarter, beating analysts’ consensus estimates of ($0.73) by $0.24. As a group, equities research analysts predict that Spyre Therapeutics, Inc. will post -4.46 EPS for the current fiscal year.

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).