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

Leerink Partners started coverage on shares of Spyre Therapeutics (NASDAQ:SYRE) in a research report released on Tuesday, Marketbeat Ratings reports. The firm issued an outperform rating and a $45.00 target price on the stock.

SYRE has been the topic of a number of other reports. Wolfe Research initiated coverage on shares of Spyre Therapeutics in a research note on Tuesday, March 18th. They issued an “outperform” rating and a $27.00 price objective on the stock. Wedbush restated an “outperform” rating and issued a $65.00 price target on shares of Spyre Therapeutics in a research report on Monday, January 13th. Finally, The Goldman Sachs Group raised Spyre Therapeutics to a “strong-buy” rating in a research note on Tuesday, February 18th. Eight analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Spyre Therapeutics presently has an average rating of “Buy” and an average price target of $49.57.

Spyre Therapeutics Stock Performance

NASDAQ SYRE opened at $11.93 on Tuesday. The stock has a market capitalization of $718.87 million, a P/E ratio of -1.60 and a beta of 3.05. Spyre Therapeutics has a 52 week low of $10.91 and a 52 week high of $40.84. The stock has a fifty day moving average of $18.69 and a 200-day moving average of $24.40.

Spyre Therapeutics (NASDAQ:SYRE) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($0.81) EPS for the quarter, topping analysts’ consensus estimates of ($0.89) by $0.08. Equities research analysts forecast that Spyre Therapeutics will post -4.46 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SYRE. Charles Schwab Investment Management Inc. increased its holdings in shares of Spyre Therapeutics by 239.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 333,275 shares of the company’s stock worth $9,802,000 after acquiring an additional 235,094 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in Spyre Therapeutics by 15.0% during the 3rd 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 in the last quarter. State Street Corp increased its stake in Spyre Therapeutics by 9.4% during the 3rd quarter. State Street Corp now owns 1,541,555 shares of the company’s stock worth $45,337,000 after purchasing an additional 131,896 shares in the last quarter. Wellington Management Group LLP raised its holdings in Spyre Therapeutics by 89.4% during the 3rd quarter. Wellington Management Group LLP now owns 1,507,200 shares of the company’s stock worth $44,327,000 after buying an additional 711,254 shares during the period. Finally, Jane Street Group LLC lifted its stake in Spyre Therapeutics by 78.7% in 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 in the last quarter. 80.39% of the stock is currently owned by institutional investors.

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).