Leerink Partners Initiates Coverage on Spyre Therapeutics (NASDAQ:SYRE)

Equities research analysts at Leerink Partners began coverage on shares of Spyre Therapeutics (NASDAQ:SYRE) in a research report issued on Tuesday, Marketbeat reports. The brokerage set an “outperform” rating and a $45.00 price target on the stock. Leerink Partners’ target price indicates a potential upside of 236.57% from the stock’s current price.

A number of other research firms have also recently commented on SYRE. The Goldman Sachs Group upgraded Spyre Therapeutics to a “strong-buy” rating in a research report on Tuesday, February 18th. Wedbush reaffirmed an “outperform” rating and issued a $65.00 price objective on shares of Spyre Therapeutics in a research note on Monday, January 13th. Finally, Wolfe Research initiated coverage on Spyre Therapeutics in a research report on Tuesday, March 18th. They set an “outperform” rating and a $27.00 price target on the stock. Eight equities research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $49.57.

Spyre Therapeutics Stock Performance

Shares of SYRE opened at $13.37 on Tuesday. The stock has a market capitalization of $805.64 million, a P/E ratio of -1.79 and a beta of 3.05. The company’s fifty day moving average is $18.91 and its two-hundred day moving average is $24.51. Spyre Therapeutics has a 1 year low of $10.91 and a 1 year high of $40.84.

Spyre Therapeutics (NASDAQ:SYRE) last issued its earnings results on Thursday, February 27th. The company reported ($0.81) earnings per share for the quarter, topping the consensus estimate of ($0.89) by $0.08. Sell-side analysts predict that Spyre Therapeutics will post -4.46 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Barclays PLC lifted its holdings in shares of Spyre Therapeutics by 64.7% in the third quarter. Barclays PLC now owns 105,467 shares of the company’s stock valued at $3,101,000 after buying an additional 41,424 shares during the period. China Universal Asset Management Co. Ltd. acquired a new position in Spyre Therapeutics during the fourth quarter valued at $290,000. Charles Schwab Investment Management Inc. raised its position in Spyre Therapeutics by 239.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 333,275 shares of the company’s stock valued at $9,802,000 after buying an additional 235,094 shares during the period. Victory Capital Management Inc. acquired a new position in Spyre Therapeutics during the fourth quarter valued at $6,241,000. Finally, Jane Street Group LLC raised its position in Spyre Therapeutics by 78.7% during the third quarter. Jane Street Group LLC now owns 20,641 shares of the company’s stock valued at $607,000 after buying an additional 9,090 shares during the period. Institutional investors and hedge funds 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).