Wedbush Reiterates “Outperform” Rating for Spyre Therapeutics (NASDAQ:SYRE)

Spyre Therapeutics (NASDAQ:SYRE)‘s stock had its “outperform” rating restated by investment analysts at Wedbush in a note issued to investors on Friday,RTT News reports. They presently have a $45.00 price target on the stock. Wedbush’s target price would indicate a potential upside of 13.71% from the company’s current price.

Several other research analysts have also commented on the company. Guggenheim lifted their price target on Spyre Therapeutics from $50.00 to $65.00 and gave the stock a “buy” rating in a research report on Friday, October 25th. Evercore ISI started coverage on shares of Spyre Therapeutics in a report on Tuesday, July 16th. They issued an “outperform” rating on the stock. Ten investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $46.43.

Spyre Therapeutics Price Performance

Shares of Spyre Therapeutics stock traded up $1.89 during trading hours on Friday, hitting $39.58. The company’s stock had a trading volume of 428,878 shares, compared to its average volume of 507,507. The company has a market capitalization of $2.02 billion, a PE ratio of -2.56 and a beta of 2.90. The stock has a 50 day moving average of $30.54 and a 200 day moving average of $30.36. Spyre Therapeutics has a 12 month low of $8.43 and a 12 month high of $47.97.

Spyre Therapeutics (NASDAQ:SYRE) last announced its earnings results on Wednesday, August 7th. The company reported ($0.86) EPS for the quarter, topping the consensus estimate of ($0.90) by $0.04. Equities analysts expect that Spyre Therapeutics will post -4.18 EPS for the current year.

Institutional Trading of Spyre Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the business. Amalgamated Bank bought a new position in shares of Spyre Therapeutics during the second quarter valued at approximately $28,000. Quest Partners LLC acquired a new stake in shares of Spyre Therapeutics during the 2nd quarter valued at about $36,000. SG Americas Securities LLC purchased a new position in Spyre Therapeutics in the 2nd quarter worth approximately $130,000. Carlyle Group Inc. purchased a new stake in shares of Spyre Therapeutics during the 2nd quarter valued at approximately $227,000. Finally, Profund Advisors LLC purchased a new stake in Spyre Therapeutics in the second quarter valued at approximately $296,000. Institutional investors own 80.39% of the company’s stock.

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).