Spyre Therapeutics (NASDAQ:SYRE) Sees Unusually-High Trading Volume – Should You Buy?

Spyre Therapeutics, Inc. (NASDAQ:SYRE) saw an uptick in trading volume on Tuesday . 638,814 shares changed hands during trading, an increase of 58% from the previous session’s volume of 404,651 shares.The stock last traded at $25.85 and had previously closed at $24.42.

Wall Street Analyst Weigh In

Several research firms have commented on SYRE. Robert W. Baird raised their price objective on Spyre Therapeutics from $50.00 to $65.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Wedbush reissued an “outperform” rating and set a $45.00 price target on shares of Spyre Therapeutics in a research report on Friday, November 8th. Finally, Guggenheim increased their price objective on shares of Spyre Therapeutics from $50.00 to $65.00 and gave the company a “buy” rating in a research report on Friday, October 25th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Spyre Therapeutics has an average rating of “Buy” and a consensus price target of $51.50.

Spyre Therapeutics Stock Down 1.4 %

The firm has a market capitalization of $1.24 billion, a price-to-earnings ratio of -3.22 and a beta of 2.86. The stock has a 50 day moving average of $27.79 and a 200 day moving average of $28.15.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. Amalgamated Bank acquired a new stake in shares of Spyre Therapeutics during the 2nd quarter valued at approximately $28,000. Quest Partners LLC bought a new stake in Spyre Therapeutics during the second quarter valued at $36,000. The Manufacturers Life Insurance Company raised its holdings in shares of Spyre Therapeutics by 15.0% during the third quarter. The Manufacturers Life Insurance Company now owns 43,460 shares of the company’s stock worth $1,278,000 after purchasing an additional 5,678 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Spyre Therapeutics by 29.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 29,473 shares of the company’s stock worth $867,000 after buying an additional 6,701 shares during the last quarter. Finally, SG Americas Securities LLC boosted its holdings in shares of Spyre Therapeutics by 127.0% in the 3rd quarter. SG Americas Securities LLC now owns 12,589 shares of the company’s stock valued at $370,000 after buying an additional 7,044 shares during the period. Institutional investors and hedge funds own 80.39% of the company’s stock.

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).